Protego Real Estate Investors has acquired the Kamppi Shopping Centre in Helsinki for €452.5 million ($670 million) from private property company Boultbee on behalf of its core-plus Nordic Retail Fund.
The purchase is believed to be the largest single asset transaction in Europe this year, reflecting a net initial yield of 4.5 percent.
Kamppi Shopping Centre opened two years ago with more than 140 shops, 26 restaurants, a bowling alley and a nightclub.
David Turner, European investment director at Protego, said in a statement: “Our aim is to acquire additional assets of a similar quality in the Nordic region over the next 12 months.”
Hugo Llewelyn, head of investment, added: “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.”
The fund owns more than €1.1 billion of prime shopping centres in Finland and Sweden, with a target gross asset value of up to €1.5 billion. Protego raised €517 million by first close in June last year for the vehicle.
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