Nrep grows its retail portfolio in Finland

March 17, 2017

Nrep develops a 4,100sqm local necessity driven retail centre in the Greater Helsinki area with HOK-Elanto and Kesko as anchor tenants

Nrep develops a local necessity driven retail centre in the Rajamäki district of Nurmijärvi. The centre will be anchored by S-market and K-supermarket, which both have signed long lease agreements. The supermarkets are equally ~1,600 sqm in size and in addition the centre will have 6-8 front store premises.

“We are pleased to start the development of this pre-let necessity driven retail centre. With the two largest grocery operators as our anchor tenants, we are confident that the centre will succeed well. The investment is well in line with our strategy to invest in strong necessity driven retail assets”, says Joonas Lemström, Manager at Nrep.

The development is being carried out in close cooperation with both of the anchor tenants and the municipality of Nurmijärvi. The new centre also satisfies the need of both the municipality and consumers for a new necessity driven retail centre for the district of Rajamäki. Construction is estimated to start during summer 2017 and the centre will open for consumers in the fall 2018.

“For HOK-Elanto it is important to be involved in the development of new commercial services to Rajamäki”, comments Kimmo Nikula, Director of S-market chain at HOK-Elanto.

“We want to provide our customers with a quality alternative and improve the grocery offering in Rajamäki by bringing a better than normal K-supermarket with an interesting and fresh product offering to Rajamäki”, comments Antti Palomäki, District Director of Southern Finland at Kesko.

Nrep invests through Nrep Nordic Strategies Fund II, that mainly focuses on retail, logistics and residential properties in the Nordic region and is backed by a number of blue chip international institutional investors. The fund made its first investments in spring 2016 and has an investment capacity of more than EUR 1.5 billion.

For additional information please contact:

Joonas Lemström, Manager, Nrep, +358 50 327 3439

Petri Valkama, Director, Nrep, +358 40 833 7641