HELSINKI 25 February 2016 – CBRE Global Investors has sold the Megahertsi Shopping Centre in Herttoniemi, Helsinki to eQ Finnish Real Estate (AIF), a Special Investment Fund.
Megahertsi is located in the established residential area in Herttoniemi, which is located six km east from the Helsinki centre, close to the Herttoniemi metro station. Megahertsi is anchored by Tokmanni, which is the Nordics’ largest discount retailer. The leasable area is approximately 6,700 sqm.
Future development planned for the property will connect the centre to the adjacent “Hertsi” development project by YIT and Hartela to form one larger centre. The 20,000 sqm retail extension and three housing towers are scheduled to be completed in 2018.
Menno Verhoeff, Head of Transactions Nordics at CBRE Global Investors, said, “The sale of this shopping centre is aligned with our strategy, and given the successful re-anchoring of the centre, we sense it is the right moment to exit. We will continue to invest actively in Finland strengthening our portfolio base in this country.”
Samuel Granvik, Investment Director at eQ Asset Management Limited said, “Megahertsi Shopping Centre in Helsinki matches perfectly with our strategy to invest in modern quality properties in established commercial locations with good accessibility and with strong brands. The main tenants, Tokmanni, Alko, SATS and the pharmacy, form a solid foundation for the future development of the shopping centre.”
CBRE Finland Oy advised the seller with Castrén & Snellman Attorneys Limited providing legal advice. Hannes Snellman Attorneys Ltd acted as legal advisor for the buyer.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
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