JER Partners has invested a further €42 million in five retail properties in Finland through its FIRST joint venture vehicle. With its local partner Sponda Plc, which owns 20% of FIRST and acts as manager of the vehicle, JER has purchased a portfolio of primarily retail properties in several Finnish cities (Hämeenlinna, Jyväskylä, Kemi, Lappeenranta and Rauma) from Oy Realinvest Ab.
The joint venture fund with Sponda was established earlier this year to take advantage of investment opportunities in office and retail properties in Finlands mid-sized towns and cities. The fund has a minimum target size of €150 million but could grow to 400 million should the right opportunities present themselves. Following the latest acquisition, the FIRST portfolio totals in excess of €60 million.
Bill Hancock, JERs Director responsible for the Scandinavian region, commented: JER and Sponda have been working together for several months now to source investment targets in a number of locations in Finland. These purchases are typical of the type of properties which we jointly believe have the right criteria for strong economic performance. We are pleased with the strong momentum of our relationship.