Sveafastigheter's Fund III and its partner, Capitol Asset Management, have agreed the sale of a portfolio of 68 grocery stores located across Finland.
Sveafastigheter's Fund III and its partner, Capitol Asset Management, have agreed the sale of a portfolio of 68 grocery stores located across Finland.
The buyer is the Swedish property company Trophi Fastighets, which is managed by Stockholm-based Redito.
The portfolio was sold for an underlying property value of €124 mln and closing is planned for end-June 2014.
The properties were acquired by Sveafastigheter and its local asset management partner CAM in 2012. Retailer Kesko Food is the sole tenant of all the properties in the portfolio.
'We have worked closely with the tenant in identifying and developing the assets in the most strategic locations, which resulted in renegotiated long term agreements that are favorable for both parties,' commented Patrick Gylling at Sveafastigheter in Finland. 'With that in mind the timing is right to hand over the portfolio to a new owner.'
Sveafastigheter was advised by Advium Corporate Finance and Krogerus Attorneys in the transaction.
