JLL advised Elite Alfred Berg on the sale of 17 grocery assets to Special Investment Fund LocalTapiola Investment Properties
Elite Finland Value Added Fund II Ky has signed an agreement to sell a portfolio of 17 grocery assets to LocalTapiola Special Investment Fund Investment Property.
© Anders Portman, Kuvatoimisto Kuvio Oy, 2019
The purchase price of the portfolio is approximately EUR 50 million. Items are located e.g., Tampere, Turku, Jyväskylä, Oulu, Kuopio and Lahti regions and the portfolio has a total leasable area of almost 30,000 sq m.
Kesko operates as the anchor tenant in the portfolio’s 16 assets and the second largest tenant is Tokmanni, which operates in two of the assets.
“The portfolio transaction is the first major exit for the fund established in 2018. The transaction will result in a significant sales profit for the fund”, comments Jaakko Ristola, Head of Real Estate Investment Management for Elite Alfred Berg.
Rikumatti Forsberg, Director, Capital Markets, JLL Finland: We are very pleased and proud to help Elite Alfred Berg with the sale of this premium grocery portfolio. The deal is an excellent demonstration of strong investor demand for grocery properties rented to defensive and solvent tenants.
JLL acted as commercial advisor to Elite Alfred Berg in the transaction and HPP Law Firm as legal advisor.
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