Swiss investment manager Partners Group has completed the discounted purchase of a €300 mln commercial property portfolio in Finland and Sweden from Nordic private equity firm Niam.

Swiss investment manager Partners Group has completed the discounted purchase of a €300 mln commercial property portfolio in Finland and Sweden from Nordic private equity firm Niam.

The portfolio, which includes around 380,000 m2 of retail and office assets, was bought on behalf of one of Partners Group's clients via a secondary transaction.

Although financial details were not disclosed, Partners Group said the assets are valued at €300 mln but were acquired at a discount.

The portfolio was originally built up in 2006-2007 by Niam for its Nordic Fund III, an opportunistic closed-end vehicle which launched in 2004 raising €321 mln of equity.

'Niam sought a buyer that was capable of acquiring a multi-sector, multi-country portfolio and who recognised the potential in further developing the asset management strategy. Partners Group provided an off-market solution, allowing an exit for investors and time to maximise the value creation potential of all remaining assets over the next three to five years,' Partners Group said in a statement.

In conjunction with the transaction, the buyer was also involved in negotiating the refinancing of all existing debt facilities, as well as the buyout of minority shareholders and joint venture partners and the prepayment of a mezzanine facility incumbent in the capital structure of one of the investments at preferential terms.

'Partners Group played a leading role in securing new debt financing for the portfolios and injecting fresh equity capital to support the asset management strategy, which will now have the time it needs to maximise value creation potential,' commented Fabian Neuenschwander, vice president, real estate secondaries, Partners Group.