Scottish property company Kenmore is targeting the Finnish market for the first time with the acquisition of €125m (£85m) of property in Finland.
It has bought a portfolio of 76 retail and industrial properties from listed Finnish property company Citycon OYJ for €74m (£50m), and a second portfolio of nine properties for €44m (£30m), reflecting a net initial yield of 8.1%.
The Citycon portfolio totals 796,536 sq ft (74,000 sq m) and is let to Finnish supermarket operator Kesko, McDonald’s, Sampo Bank and furniture store Jysk.
The second portfolio comprises seven industrial and two retail warehouse properties in and around Helsinki, all of which are fully let. Kenmore has also bought Virkatie 8, an industrial property for €7m (£5m) and has a further €68m of properties under offer in Finland.
Rob Brook, Kenmore’s managing director and head of Europe, said the company’s presence in Scandinavia would be ‘consolidated by the opening of Kenmore’s Nordic headquarters in Stockholm later this year’.