RBS Nordisk Renting, a wholly-owned subsidiary of the Royal Bank of Scotland, said it has bought a K-Citymarket retail property in Pieksamaki for an undisclosed amount from Finnish retail chain Kesko Oyi. The company said it has also signed a new joint venture agreement with the retailer to invest an additional EUR 211 mln in three other hypermarkets.
RBS Nordisk Renting, a wholly-owned subsidiary of the Royal Bank of Scotland, said it has bought a K-Citymarket retail property in Pieksamaki for an undisclosed amount from Finnish retail chain Kesko Oyi. The company said it has also signed a new joint venture agreement with the retailer to invest an additional EUR 211 mln in three other hypermarkets.
Under the deal RBS Nordisk Renting will redevelop a portfolio of three K-citymarket and lease the assets back to Kesko. After the redevelopment of the properties, which is expected to be completed by end-2008, the portfolio will provide 130,000 m2 of retail space. RBS Nordisk Renting acquired a K-citymarket portfolio consisting of assets in 2000 and 2002.
