CapMan buys Turku shopping center

The Finland-based firm has acquired a shopping center development in Turku from the Hartela Group.

Helsinki-based Capman has acquired ownership of Turku shopping center development Skanssin Kauppakeskus, which was being developed by the Hartela Group. Turku is located Northwest of Helsinki. The acquisition price was not disclosed.

The developers predict that once the project is completed in April 2009, Skanssi will attract some 4.5 million visitors annually. Nearly 100 specialty stores are planned for the center.

CapMan RE II, which recently closed on €150 million ($201 million) and is believed to be the first pricvate equity fund targeting real estate in Finland, is buying Skanssin Kauppakeskus from the Hartela Group, but Hartela will continue to construct the property and to participate in developing it. The Skanssi district is situated four kilometres east of Turku city center, next to the E18 highway to Helsinki. The multi-story retail center will have a leasable area of roughly 37,000 m² on two floors. Skanssi is similar in terms of size to the Kamppi Center in downtown Helsinki.

Campan commercial director Henrik Winberg said leasing agreements for the space have already been struck, including one with Ruokakesko to locate a Citymarket hypermarket in the center.

Last month Capman acquired a 11.5 hectare development site in Vantaa, Finland, for Capman RE II fund. Established in 1989, CapMan manages Nordic buyout, mezzanine, technology, life science and real estate funds with approximately  €3 billion ($4 billion) in total capital. The firm has offices in Helsinki, Stockholm, Copenhagen and Oslo and has invested in nearly 30 real estate assets and exited from 22.