CapMan Real Estate I fund has sold the Entresse shopping centre in Espoo Centre, Finland, to a fund managed by Barings Real Estate Advisers. The exit is the 2005 vintage fund's 31st, after which it has four properties remaining in its portfolio.
Entresse has a lettable area of 9,750 m² of which 9,080 m² is retail space and 670 m² is storage and office space. CapMan Real Estate I fund invested in Entresse in 2007 when the property was still in the construction phase. Entresse opened its doors to the public in 2008.
Kalle Myllymäki, Partner at CapMan Real Estate said: "We are extremely pleased that we have found a new owner for Entresse. The shopping centre, which has developed into the area's living room during our ownership, is centrally located in a fast-growing area in Espoo Centre only 300 metres from the busy train station. Entresse includes a wide range of retail stores and services, including a grocery store, a gym and a city library. The operating environment of retail and shopping centres have changed significantly since the acquisition of Entresse in 2007 and as such, we are pleased that the utilisation rate of Entresse has remained reasonably high."
