CBRE advises eQ Commercial Properties Fund on the sale of a prime grocery anchored retail portfolio in Espoo and Tampere to LocalTapiola. eQ Commercial Properties Fund has sold three retail assets located in Espoo, Tampere and Ylöjärvi to LocalTapiola Aluekiinteistöt Ky Property Fund, managed by LocalTapiola.
The properties, completed between 2016-2017, are located in the well-established retail locations in Espoo along Ring Road III and Tampere region along main arterial highways surrounded by popular residential districts. The portfolio comprises of modern premises with prominent ESG profiles anchored by leading Finnish retailers, Kesko and Tokmanni Group, presenting resilient grocery and daily goods investment.
CBRE acted as the Seller’s exclusive commercial advisor and Krogerus Attorneys acted as the legal advisor.
“We have owned the properties for several years, Tampere and Ylöjärvi since construction phase, and executed multiple value enhancing asset management initiatives in recent years. We are happy to see that the portfolio gains a new well-suited landlord after our holding period. We would like to also thank our trusted advisors, team CBRE and Krogerus for making this deal happen,” says Marjaana Berger, Investment Director at eQ.
“We are extremely pleased with this retail portfolio investment. It is a welcome addition to the fund, providing sector diversification and strong tenant profiles in prime retail locations. We would like to take this opportunity to thank the seller eQ for the smooth co-operation as well as our advisors for their hard work.,” says Ville Hänninen, Portfolio Manager at LocalTapiola Real Estate Asset Management Ltd.
Ilpo Münster, Head of Investment Properties at CBRE Finland says: “We are very pleased to have acted as eQ’s commercial advisor in this prime retail portfolio transaction. Grocery and daily goods anchored retail properties provide attractive and resilient cash-flow and continue to be a sought-after investment class. The portfolio continues this trend and is backed by additional strong investment fundamentals, including strong tenant base, robust ESG fundamentals and modern premises. We want to thank eQ and LocalTapiola on the amazing transaction.”
Castrén & Snellman Attorneys acted as legal advisor to LocalTapiola.