Morgan Stanley Real Estate Fund has purchased one of the largest shopping centres in the Nordics, Itis in Helsinki, from listed Dutch REIT Wereldhave for €516 mln.
Cushman & Wakefield advised Wereldhave on the deal.
'This sale is one of the largest single retail asset sales to take place in Europe this year and demonstrates the healthy investor appetite for fundamentally strong dominant shopping centres,' said Michael Rodda, head of EMEA retail capital markets at Cushman & Wakefield.
The 100,000 m2 property which is located in East Helsinki comprises more than 150 shops and office space over five floors. Its anchor tenants include Stockmann department store, the flagship stores of Zara and H&M, and two supermarkets: S-Market and Lidl.
According to Cushman & Wakefield, Itis attracts over 17 million visitors per year.
Houthoff were Wereldhave’s legal advisors.
