AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe(1), announces that it has completed, on behalf of one of its funds, the sale of a retail portfolio in Finland for approximately €107 mln to joint venture between Trevian Asset Management and H.I.G. Capital.
The portfolio comprises 123 retail assets with a total lettable area of c.128,500 m² located across Finland. The properties, which are predominately grocery stores, range in size from 5,688 m² to 236 m² and are situated in over 90 municipalities, primarily in residential areas within Western Finland. Currently 95% let, the portfolio benefits from a strong and diversified tenant mix dominated by a number of Finland’s leading grocery retailers.
The Finnish real estate market has seen increased capital inflows from both foreign and domestic investors in recent months, supported by a low interest rate environment and the improving availability of debt financing. The disposal of this portfolio illustrates AXA Real Estate’s capacity to capitalize on this trend and transact in a key European real estate market.
JLL advised AXA Real Estate in the sale. Henrik Bastman, Head of the Asset Management in the Nordic Region at AXA Real Estate, commented: “The successful completion of this transaction clearly demonstrates the success of our ongoing asset management initiatives and ability of our team on the ground to identify an opportunity to realise value for our investors.
Source:AXA Real Estate