NREP exits retail property in Salo, Finland
NREP’s Nordic Strategies Fund I has divested a hypermarket retail property in the center of Salo, Finland to a fund managed by eQ Asset Management. This marks the first exit for Nordic Strategies Fund I, which started investing in 2014.
The 9,400 sqm property is located in the heart of Salo, a city in Southern Finland approximately 120 km west of Helsinki. The long-standing tenant is Kesko, a leading grocery chain group, which operates the concept K-Citymarket in the premises. The asset was originally acquired in August 2015 as a part of larger Finnish retail portfolio.
“The divestment is in line with our original business plan of divesting the asset once a long term lease extension had been secured. We will now focus on the other assets in the same portfolio, where we see exciting development opportunities”, says Mikko Räsänen, partner at NREP.
NREP Nordic Strategies Fund I invests predominantly in retail, logistics and residential properties in the Nordic region. The fund is backed by leading Nordic and international institutional investors and has invested and committed over one billion euros since inception in May 2014.
For additional information please contact:
Mikko Räsänen, partner, Nordic Real Estate Partners +358 50 353 8438