Fund manager Nordic Real Estate Partners (NREP) has acquired a 30,000 m2 retail property in the southern Finnish city of Hämeenlinna.
Fund manager Nordic Real Estate Partners (NREP) has acquired a 30,000 m2 retail property in the southern Finnish city of Hämeenlinna.
The financial details were not disclosed.
The transaction was carried out on behalf of NREP's Nordic Retail Fund 2.The fund invested more than €200 mln during 2013 and NREP expects further acquisitions in 2014.
The acquired asset consists of two retail buildings in the Tiiriö retail area in Hämeenlinna. Anchor tenants in the asset are Citymarket hypermarket and K-Rauta hardware store, both of which are part of the Kesko group, a listed Finnish retail company.
The asset was acquired from Varma mutual pension insurance company in December 2013.
'We believe this investment will deliver strong and stable risk adjusted return to our investors. With this acquisition the fund invested more than €200 mln during 2013 and we will continue investment activities in this segment also during 2014,' said Mikko Räsänen, partner at NREP.