Helsinki-listed property company Sponda has sold EUR 32.5 mln worth of logistics assets to its latest fund, Sponda Fund III.
Helsinki-listed property company Sponda has sold EUR 32.5 mln worth of logistics assets to its latest fund, Sponda Fund III.
Other fund shareholders contributed a further EUR 57.5 mln of logistics properties, giving Sponda Fund III an initial portfolio of EUR 90 mln. The target size is EUR 170 mln. The fund invests primarily in logistics and industrial properties in Finland’s growth centres, and is aimed at domestic institutional investors.
Sponda has a 38% holding in the fund. The other investors are Varma Mutual Pension Insurance Company and Etera Mutual Pension Insurance Company. Sponda is responsible for the management of the fund as well as the properties it owns.
'Our goal is to grow our real estate funds business and create new real estate funds that appeal to institutional investors. Establishing Sponda Fund III is part of the implementation of this growth strategy. The sale of properties to the fund helps us achieve a planned reduction in the share of logistics properties in Sponda’s property portfolio while also financing our investments,' said Sponda CEO Kari Inkinen.
