Sveafastigheter divests grocery store portfolio in Finland to Redito
News, Press releases
Sveafastigheter Fund III (”Sveafastigheter”) and its partner Capitol Asset Management (“CAM”) have signed the disposal of a portfolio with 68 grocery stores located around Finland. The buyer is the Swedish property company Trophi Fastighets AB, which is managed by Redito. The portfolio was sold for an underlying property value of € 124 million and closing is planned for the end of June 2014.
The property portfolio was acquired by Sveafastigheter and its local asset management partner CAM in 2012. Kesko Food Ltd is sole tenant for all properties in the portfolio.
– The divestment of the Finnish grocery stores is the first divestment of a whole portfolio in Sveafastigheter Fund III. We have fulfilled all parts of the business plan for the investment and are pleased to be able to deliver a good return to our investors, says Johan Tengelin, CEO at Sveafastigheter.
– We have worked closely with the tenant in identifying and developing the assets in the most strategic locations, which resulted in renegotiated long term agreements that are favorable for both parties, says Patrick Gylling at Sveafastigheter in Finland. With that in mind the timing is right to hand over the portfolio to a new owner. We are confident that Redito will be a good landlord for Kesko.
Sveafastigheter was advised by Advium Corporate Finance and Krogerus Attorneys in the transaction.
For comments and further information, please contact:
Patrick Gylling, Sveafastigheter, phone +358 40 542 6397, patrick.gylling@sveafastigheter.fi
Johan Tengelin, CEO, Sveafastigheter, phone +46 8 545 075 14, johan.tengelin@sveafastigheter.se
Jarkko Lehtonen, partner and CEO, Capitol Asset Management, phone +358 50 349 1606, jarkko.lehtonen@capitol.fi