Sponda plc has signed agreements with Forum Fastighets Kb and Föreningen Konstsamfundet r.f. on the acquisition of the shares in Ab Mercator Oy, which owns six properties in central Helsinki, as well as the shares in Ab Mercator Oy. The total debt-free price of the entities being acquired is approx. €576m, to be paid in cash. The estimated net yield after the first year is approx. 4.94%. The purchase price is conditional on balance sheet adjustments and other standard adjustments made after an acquisition.
The acquisition comprises a total of six prime properties in the Forum block, including the Forum shopping centre and office premises. The combined total leasable area is 76,918m², 48% of which is retail and 41% office, while 11% is storage and other utility space.
The properties are located in a prime area in central Helsinki, with excellent transport connections providing attractive premises for both retail and office use. Forum is one of Finland’s largest and busiest shopping centres, with nearly 14 million visitors per year. The shopping centre includes a total of about 140 shops with a combined annual sales of approx. €200m. A €50m expansion project was carried out in 2012-2015, which involved modernisation of the premises, improvements to energy efficiency and the addition of 8,000m² of retail space.
President and CEO Kari Inkinen commented:“We are very satisfied with this acquisition, which represents an excellent step forward in the implementation of Sponda’s strategy. This acquisition is a perfect fit with our current strategy of increasing the share of shopping centres and office properties in our portfolio, while also increasingly focusing our property ownership on the prime area in Helsinki’s central business district."
