EPI, a fund co-advised by pan-European real estate investment managers Tristan Capital and AEW Europe, has sold the Myllykeskus shopping centre in Lappeenranta in south-eastern Finland through its strategic local partner Amplion Asset Management. The buyer is the centre's anchor tenant Etelä-Karjalan Osuuskauppa (EeKoo), part of the Finnish S-Group retailing cooperative.
EPI, a fund co-advised by pan-European real estate investment managers Tristan Capital and AEW Europe, has sold the Myllykeskus shopping centre in Lappeenranta in south-eastern Finland through its strategic local partner Amplion Asset Management. The buyer is the centre's anchor tenant Etelä-Karjalan Osuuskauppa (EeKoo), part of the Finnish S-Group retailing cooperative.
The companies agreed to keep financial details confidential.
The EPI fund acquired the shopping centre in 2006 and has since been adding value to the scheme, with the admission of a new tenant and the purchase and re-zoning of land to maximise the centre's food retail potential.
'The strength of retail demand in Finland stands in stark contrast to much of the rest of the eurozone. So we felt it was a good time to sell this asset from our Temple portfolio of Finnish retail assets within the European Property Investors Fund. We expect further sales to follow as good opportunities present themselves,' said Nick Judge, director at AEW Europe.
Retail trade sales in Finland rose by 9.0% in March over the same month of 2011, according to Statistics Finland.
