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First 100% sale of a major shopping centre in Helsinki since 2008
Helsinki, 23 September, 2015 – Swedish real estate private equity firm Niam has purchased the Kaari shopping centre and five freehold plots around the shopping centre. The transaction is scheduled to close on 15th October 2015. JLL acted as advisor to HOK-Elanto on the transaction.
In addition, HOK-Elanto has simultaneously signed long-term lease agreements for the units they currently occupy in Kaari.
Located in the Kannelmäki district of Helsinki, Kaari is the ninth largest shopping centre in Finland boasting a total lettable area of 48,700 square metres (sq. m). Over 900,000 people live within just 15 minutes’ drive to the shopping centre which attracts in the region of 5.3 million visitors every year. The annual sales of the shopping centre reached €178 million in 2014.
Matti Niemi, CEO of HOK-Elanto said: “The population of the Helsinki Metropolitan Area is rapidly increasing and it is our goal to serve the customers and owners of HOK-Elanto by developing our retail premises and growing our portfolio. We will continue to focus on acquiring and occupying strategic locations with optimal unit sizes and creating modern retail premises. This transaction secures the financing of our future growth plans.
We are extremely pleased to have found an investor who is highly committed to develop the Kaari shopping centre even further. The largest hypermarket in Finland - Prisma, Sokos department store and Kylä restaurants, whose operations in Kaari are secured by long-term lease agreements, are also set to benefit.”
Christian Hohenthal, Head of Capital Markets JLL Finland said: “We are thrilled to facilitate this landmark transaction which is the first 100% sale of a major shopping centre in Helsinki since 2008. We are privileged to have worked with HOK-Elanto, the leading retailer in the Helsinki area in enabling them to execute their strategy of portfolio optimization. Similarly we are very pleased to see Niam as the investor and partner to HOK-Elanto, who with their excellent track record in Finland and the Nordics is extremely well placed to further develop the Kaari shopping centre.”
HOK-Elanto is the largest co-operative within the S-Group and is owned by over 500,000 co-op members. The annual turnover is €1.9 billion and the company employs 6,000 people. HOK-Elanto operates over 300 retail units in the Helsinki Metropolitan Area and it is also the market leader in grocery retail. HOK-Elanto is also one of the largest restaurant operators in the country. For more information: www.hok-elanto.fi
Niam is the leading real estate private equity firm in Northern Europe with real estate assets under management of approximately €2.7 billion. Niam offers global institutions the opportunity to invest in the Nordic property markets. Niam was established in 1998 and has invested over €5 billion through its own funds since 2000. Niam has a fully integrated investment team of 48 dedicated real estate professionals with experience across all major asset classes. The company is headquartered in Stockholm and has offices in Oslo, Helsinki and Copenhagen. For more information, please visit www.niam.comKrogerus Attorneys Ltd. acted as legal advisor to HOK-Elanto.
About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316.0 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014 and 2015 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg; Consultant of the Year at the RCSC Awards in 2015, and The Best Real Estate Consultancy in Ukraine at the Ukrainian Property Awards in 2013.
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