Sveafastigheter creates €50m ‘Big Box’ retail portfolio

The Nordic specialist and manager of opportunity funds has acquired a retail portfolio in Finland for around €50 million to create a portfolio of ‘big box’ assets.

Sveafastigheter, the Nordic-focussed manager of opportunity funds, has acquired 10 ‘big box’ retail assets in Finland.

The Stockholm-based firm, which is currently investing its third fund, Sveafastigheter Fund III, said it had teamed with local operator, Mattila & Saxen Property Partners, to assemble the portfolio from different sellers.

The assets cover around 55,000 square metres of space and were bought from five vendors in May and June in eight Finnish cities, it said.

Nordea bank provided the finance.

Experts says Finland may not be enjoying the strongest economic recovery in the Nordic region compared to most of its neighbours, yet it is attracting attention on the buy-side from investors encouraged by a perceived lack of foreign capital flowing into the country.

Sveafastigheter closed Sveafastigheter Fund III in February this year on €317 million of commitments to acquire assets in the Nordic and Baltic countries, primarily Sweden and Finland.

Commitments came from Nordic, other European and non-European, mainly American, investors.
Apart from Stockholm, the firm has offices in Helsinki and Malmö.