The CapMan RE II fund will sell the Stockmann department store property at Yliopistonkatu 22 in Turku to Keva. This is the CapMan RE II fund's first exit and it will not impact CapMan Group's result for the current year.
The commercial property located in Turku's city center at Yliopistonkatu 22 was built in 1977. It has approx. 12,700 m² of lettable space, which is leased by Stockmann Plc. The parties have agreed not to disclose the value of the transaction.
"The exit from Yliopistonkatu 22 progressed smoothly during the spring 2012 and we are satisfied with the return from this investment," says Kalle Myllymäki, Partner at CapMan.
CapMan manages four real estate funds: the CapMan Real Estate I fund, which invests in commercial properties in Greater Helsinki, the CapMan RE II fund, which invests in commercial and development projects around Finland, the CapMan Hotels RE fund, which invests in hotel properties, primarily in Finland and CapMan's first project-specific hotel property fund, CapMan Yrjönkatu 17 Ky, which owns a hotel in central Helsinki.
Source: CapMan Plc