Finnish real estate investment manager Sirius said on Tuesday that it has carried out a total of 11 acquisitions involving 47 grocery store assets for its Sirius Fund I Grocery.
Finnish real estate investment manager Sirius said on Tuesday that it has carried out a total of 11 acquisitions involving 47 grocery store assets for its Sirius Fund I Grocery.
The acquisitions cover both single assets and small portfolios sold by a mix of private investors, domestic institutions, foreign investors and listed real estate companies.
In addition, the fund has signed binding purchase agreements to acquire an additional nine assets bringing the total number of grocery stores to 56.
The overall acquisition portfolio consists of small and mid-sized grocery stores with a total lettable area of more than 150,000 m2. It includes stores operated by all the four main Finnish grocery retailers, Kesko, S-Group, Lidl and Suomen Lähikauppa. One third of the properties are located in the greater Helsinki area.
'We are very pleased with the acquisitions the fund has made so far. We will continue looking for interesting investment opportunities in the grocery store segment while at the same time focus on value creation and repositioning of the assets in order to serve the tenants in the best possible way,' said Jonas Ahlblad, partner and CIO of Sirius Capital Partners
Sirius is a management-owned investment manager focusing on opportunistic and value-add real estate investments in Finland. It was founded in June last year by Patrick Gylling, Jonas Ahlblad and Matti-Pekka Sävelkoski, former executives of Helsinki-based real estate fund manager Sveafastigheter.
Sirius runs the Finnish holdings of Sveafastigheter's €350 mln Fund III.
Earlier this month the firm launched the Grocery SCSp fund specialising in grocery stores after raising €100 mln in equity. The fund is managed by Luxembourg Investment Solutions, while Sirius Capital Partners acts as the investment advisor in Finland.