Aberdeen European Balanced Property Fund acquired the shopping center from Rockspring PIM, acting on behalf of Rockspring TransEuropean III. The entire shopping center, Chydenia -I, -II, and III, has an area of 18,000 m². Chydenia -I comprises a lettable area of 7,852 m². The main tenants in Chydenia-I are: Hennes & Mauritz, Clas Ohlson, Mick's, JC, Pukumies, Specsavers and Rosso. The property also includes a car park with free access for the shopping center customers.
Nico Tates, Fund Manager for Aberdeen European Balanced Property Fund, commented: "The asset fits the core investment strategy of the Fund well, strengthening its presence in the Finnish retail market. It was a rare opportunity to buy a modern and well-functioning shopping center at an attractive yield level and with upward potential. This combines both cash returns and long term capital growth."
The Buyer was advised by Aberdeen Property Investors Finland. The seller was advised by Catella Corporate Finance