Allianz Real Estate has acquired a 50% stake of Kamppi shopping center in Helsinki. The seller is Nordic Retail Fund, a property fund invested in a portfolio of retail assets in Finland and Sweden and managed by Cornerstone Real Estate Advisers. Nordic Retail Fund will continue to hold the other 50% stake. Terms of the transaction were not disclosed.
Kamppi is one of the top five shopping centers in Finland. It was constructed in 2006 in the central business district of Helsinki. Kamppi benefits from high footfall, being located on top of the main inner-city transportation hub with underground, tram and bus lines crossing here.
The shopping center features more than 156 stores, restaurants and cafés across a total retail area of some 34,000 m². The tenant mix is strong and includes many well-known international brands.
“This transaction represents a rare opportunity to invest in a well-established and prominent shopping center in Finland, as the majority of prime centers are mostly owned by end-investors or in long-term ownership structures,” says Stefan Brendgen, CEO of Allianz Real Estate Germany. “Following our investment strategy, we are very pleased to, once again, increase our exposure to prime retail assets.”
Cornerstone as the asset manager of Kamppi will continue to manage the shopping center. In this transaction Allianz Real Estate was advised by Berwin Leighton Paisner and Jones Lang LaSalle.
Leimdörfer served as sole financial adviser to Cornerstone.
Source: Allianz Real Estate