Finnish investor Trevian Asset Management has sold six retail properties from its Trevian Retail Fund I and Trevian Retail II to Sirius Fund II, for a total of €34 mln.
'We are very pleased with today’s transaction with Sirius. The transaction and the very good exit prices we were able to achieve demonstrate again the value of Trevian’s active asset management concept,' commented Trevian’s CEO Reima Södervall.
The properties, which are all currently S Group and K Group retail stores, including the K-Citymarket Savonlinna, are located in the Helsinki Metropolitan area as well as other fast growing urban areas in Finland. The transaction price represents a yield of about 6% - 6.5%, depending on the property.
Trevian said it continued to hold retail properties worth more than €110 mln after the transaction.
According to Sirius, the deal means that Sirius Fund II has now invested nearly €100 mln in the last two months in Finnish grocery store assets let on long-term leases to Kesko, S-Group and Lidl.
With these acquistions, the fund is fully invested.