Sponda, the Finnish real estate investment company, has completed the sale of shares in property companies, properties and land sites to Whitehall Street Real Estate and Niam Nordic Investment Fund III for approximately EUR 401 mln. Sponda said it will realise a profit of roughly EUR 15 mln on the deal. A binding agreement was signed by the parties in 16 February and the deal was sealed at the end of March.
Sponda, the Finnish real estate investment company, has completed the sale of shares in property companies, properties and land sites to Whitehall Street Real Estate and Niam Nordic Investment Fund III for approximately EUR 401 mln. Sponda said it will realise a profit of roughly EUR 15 mln on the deal. A binding agreement was signed by the parties in 16 February and the deal was sealed at the end of March.
The buildings sold comprise 43 investment properties and most of the sale property portfolio acquired by Sponda in the Kapiteeli acquisition, the office and retail portfolio sold by the Finnish government in December 2006 for EUR 950 mln.
Sponda is the largest real estate investment company listed on the Helsinki Stock Exchange and specialises in commercial properties in the largest cities in Finland and Russia. The value for its investment properties is in the region of EUR 2.6 bn and the total leasable area is about 2 million m2.
The Whitehall Street Real Estate Funds were established in 1991 and are series of real estate investment funds sponsored and managed by the Goldman Sachs Group and its affiliates. The funds' investments span various product and investment types, including retail, hospitality, office, and residential, with interests in real-estate portfolios, non-performing loans and corporate restructurings. Niam Nordic Investment Fund III is managed by Niam, a private equity firm in northern Europe specialising in property.
