JLL advises NCC Property Development on the sale of two retail properties in the Helsinki Metropolitan Area
NCC divested two retail projects in Finland: Suurpelto Center in Espoo and Laajasalo Shopping Center in Helsinki, to Niam for an agreed-upon property value of approximately EUR 54 million.
Suurpelto Center, a new local shopping center in the city district of Espoo, opened in November 2017 with a total area of approximately 4,500 square meters. The property is currently fully leased to businesses, among which are the food retailer Kesko, Talli Gym, and the Curry Palace Restaurant.
The Laajasalo Shopping Center is a new shopping center under construction, and will also replace the current shopping center in Laajasalo. The shopping center, which is planned to open in November 2018, has a prominent location along the main road in Laajasalo close to growing residential areas. The total leasing area is approximately 8,400 square meters, of which around 90 percent has already been leased to food retailers Kesko and S Group, as well as to the Finnish alcoholic beverage retailing monopoly Alko, a library, and a pharmacy.
Both divestments are being conducted as transactions involving the sale of companies, in which Niam acquires shares in the respective property-owning companies. The purchase price for Suurpelto Center is based on an underlying property value of approximately EUR 18 million, and possession will be taken in the first quarter of 2018.
The purchase price for Laajasalo Shopping Center is based on an underlying property value of approximately EUR 36.7 million, and possession will be taken in connection with completion of the center in the fourth quarter of 2018. The total leasable floor space in both projects totals about 12,900 square meters, and the average leasing rate is currently 93 percent. NCC is providing rental guarantees for the vacant premises for 24 months from the date of occupancy.
NCC's objective is to minimize its environmental impact and add value for customers and society. Both shopping centers are environmentally certified under BREEAM and will meet the criteria for an assessment of "Very Good".
"The transaction is a good example of how, over the long term, we develop sustainable projects that promote the creation of an attractive solution for a growing Helsinki Metropolitan Area, as well as for tenants and investors. We are also very pleased that Niam chose to acquire these properties in areas where we at NCC still have the ambition of being an active urban developer", says Carola Lavén, Business Area Manager, NCC Property Development.
"We are excited to acquire these high-quality retail properties, in attractive and growing areas, built by NCC. These assets will be a good addition to our portfolio, says Fredrik Jonsson", CEO Niam.
JLL acted as exclusive commercial adviser to NCC Property Development in the sale of both properties.
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