Amplion Asset Management, the strategic asset manager of the Temple Portfolio, has closed its third major letting transaction in the portfolio. Suomen Lähikauppa, the third biggest grocery operator in Finland, has extended 25 lease agreements to 12 years and 161 to eight years with European Property Investors, a fund jointly managed by AEW Europe and Tristan Capital Partners.
Ralf Holmlund, CEO of Suomen Lähikauppa Oy comments: "We are very satisfied that we have been able to secure an important part of our retail network and thus guaranteed stability for the company. The long commitment underlines the importance of these properties for our business."
Ric Lewis, CEO of Tristan Capital Partners says: "This letting supports our strategy of creating value with our portfolio through proactive asset management. It also demonstrates that established retail properties bring strong and stable cash flow. We are very pleased with Amplion's ability to manage this complex deal."
Merrick Marshall, Head of Asset Management at AEW Europe LLP says "This transaction demonstrates the importance of good landlord and tenant relationships and has resulted in a win-win outcome. We look forward to working with Suomen Lähikauppa in the future."
The Temple Portfolio comprises 259 retail properties across Finland, mainly leased to Suomen Lähikauppa Oy (SLK). The European Property Investors fund, managed by AEW Europe LLP and Tristan Capital Partners, purchased the portfolio from Tradeka (now SLK) in a sale and leaseback transaction in 2006. Amplion has been strategic advisor for the portfolio since summer 2011.