Protego Real Estate Investors has purchased the Kamppi shopping centre in Helsinki, Finland from Boultbee for €452.5 (£334m) in the biggest investment in the country this year.
The deal for the 430,560 sq ft scheme reflected a net initial yield 4.5%. It was bought on behalf of Protego’s Nordic Retail Fund. The centre, which opened in March 2006 has more than 140 shops, 26 restaurants, a bowling alley and a nightclub and generates an annual turnover of €190m (£149m).
Prime shopping centres
Hugo Llewelyn, head of investment at Protego said: ‘The strategy of our Nordic Retail Fund is to acquire dominant shopping centre assets, where there are real opportunities for strong rental growth and active asset management. Kamppi has all these attributes. Combined with this, we were able to purchase the asset “off market” at an attractive yield, at a time when prime retail in Finland is at the top of many institutional investors' European buying list. The fund now owns more than €1.1bn of prime shopping centres in Finland and Sweden, with a target gross asset value of up to €1.5bn.’
Steve Boultbee Brooks, co-owner of Boultbee said: ‘Kamppi Shopping Centre has been an excellent investment for Boultbee. In the two years since opening, the 40,000 square metre Kamppi has developed a reputation as a centre of retailing excellence in Helsinki, generating an annual turnover of €190 million from over 30 million visitors annually.’
Protego was advised Cushman & Wakefield and Boultbee was advised by Michael Elliot.