Aberdeen European Balanced Property Fund has acquired the Turun Sampotalo property from REDEVCO. Sampotalo is a prime landmark building located along the principal shopping street in Turku CBD, Finland. The property was constructed in 1938 and it is fully let with a leasable area of approx. 9,700 m². The main tenant, City of Turku, occupies the office floors with a long term lease. The parties have agreed not to disclose the purchase price.
Nico Tates, Fund Manager to the Aberdeen European Balanced Property Fund commented: "We are delighted to add this core retail and office investment in Turku to our portfolio. The combination of a long office lease with a strong covenant and a prime retail location meets the investment requirements of the Aberdeen European Balanced Property Fund."
"REDEVCO is very pleased with the outcome of the transaction," says Mikko Iivonen, Portfolio Director at REDEVCO Finland. "In the future we will focus even more distinctively on retail properties in the Nordics. Major part of the leasable area in Turun Sampotalo is office space so through the transaction we decrease our office exposure".