A joint venture between US-based HIG Capital and Finnish asset manager Trevian has completed the acquisition of a retail property portfolio in Finland from AXA REIM for €107 mln.
A joint venture between US-based HIG Capital and Finnish asset manager Trevian has completed the acquisition of a retail property portfolio in Finland from AXA REIM for €107 mln.
The portfolio comprises 123 retail assets with a total lettable area of 128,500 m2 located across Finland.
The properties are predominantly grocery stores and range in size from 5,688 m2 to 236 m2. The assets are situated in over 90 municipalities, primarily in residential areas within Western Finland. Currently 95% let, the portfolio benefits from a strong and diversified tenant mix dominated by a number of Finland’s leading grocery retailers, AXA REIM said.
The Finnish real estate market has seen increased capital inflows from both foreign and domestic investors in recent months, supported by a low interest rate environment and the improving availability of debt financing.
JLL advised AXA Real Estate in the sale.
