Ratos, a Swedish listed private equity group, has entered the Finnish real estate market by forming a €191 mln retail property joint venture with local pension-insurer Varma.
Ratos, a Swedish listed private equity group, has entered the Finnish real estate market by forming a €191 mln retail property joint venture with local pension-insurer Varma.
Ratos will acquire 56% of the shares in a newly formed real estate company, Serena Properties . The properties are currently 100% owned by Varma, which following the transaction, will retain 43% ownership in Serena Properties. Redito will be the manager of the portfolio and will acquire 1% of the shares.
The JV portfolio comprises 22 assets with a combined lettable area of approximately 152,046 m2. The portfolio offers a balanced mix of grocery-anchored assets and retail warehouse assets, spread throughout Finland. The tenants include supermarket firms S-group and Kesko as well as discounter brands.
The portfolio offers an attractive mix of secure cash flow and a range of value-add opportunities to drive returns going forward, Ratos said.
The transaction marks the entry for Ratos into the Finnish commercial real estate market and its first direct real estate transaction since the divestment of the real estate company Tornet in 2005.
JLL Finland advised Ratos on this transaction. Christian Hohenthal, head of capital markets at JLL Finland, said: 'We continue to see increasing momentum in the Finnish investment market, particularly in the retail sector as underlined by this significant portfolio deal.'
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Outlook 2016: Europe & The Nordics
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Date Dec 01, 2015
Time 09:30 - 12:00
Location Catella Corporate Finance AB, Birger Jarlsgatan 6, 4th floor
Stockholm SE-102 40, Sweden
Stockholm hosts the fourth of our Outlook series of events, now in its fourth successful year, and provides insights from leading figures on the investment outlook for real estate markets in both the Nordics and Europe.
Join the discussion, stress-test your views on the outlook for the market in 2016 and network with senior investment colleagues.
Registration is complimentary but places are strictly limited so please reserve your place today
