Citycon Oyj, a property investment company specialising in retail, has bought the Iso Omena shopping centre in Helsinki, Finland,
Citycon bought the 656,604 sq ft mall from European real estate fund manager Doughty Hanson for €329m (£223m).
The property is the last to be sold from the portfolio of eight shopping centres that Doughty Hanson bought in 2004 from Ilmarinen Mutual Pension Insurance Company in Finland.
Total returns from the Finnish retail portfolio represent a multiple of 7.6 times on the fund’s equity investment.
Earlier this year, Doughty Hanson sold three shopping centres from the portfolio, two in Helsinki and one in Oulu, to ING Real Estate Investment Management for €186m (£126m). Four were sold in 2005 and the remaining portfolio was refinanced in 2006.
Nils Styf, responsible for the Nordic activities of Doughty Hanson, said: ‘Finland remains an attractive market in which we constantly review opportunities.’
Doughty Hanson was advised on the sale of Iso Omena by Leimdörfer Oy.