The assets include the Suurpelto Centre in the city centre district of Espoo, and under-construction project Laajasalo Shopping Centre, comprising some 12,900 m2 in total.

'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,' commented Fredrik Jonsson, CEO Niam.

Suurpelto Centre opened in November 2017 with some 4,500 m2 of space and is currently fully leased to tenants including food retailer Kesko, Talli Gym, and the Curry Palace Restaurant.

The Laajasalo Shopping Centre will replace the current shopping centre in Laajasalo, opening in November 2018. The total leasing area is approximately 8,400 m2, of which around 90% has already been leased to food retailers Kesko and S Group, retailer 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 Centre is based on an underlying property value of approximately €18 mln, and possession will be taken in the first quarter of 2018.

The purchase price for Laajasalo Shopping Centre is based on an underlying property value of approximately €36.7 mln, and possession will be taken in connection with completion of the centre in the fourth quarter of 2018.

Both shopping centres are environmentally certified under BREEAM and will meet the criteria for an assessment of 'Very Good'.

'We are 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,' concluded Carola Lavén, business area manager, NCC.

JLL advised NCC in the sale of both properties.

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7 February 2018

Outlook 2018: Europe & Nordics Investment Briefing
Catella Corporate Finance AB, Birger Jarlsgatan 6, 6th floor, Stockholm, SE-102 40, Sweden
08:30 - 11:00