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Helsinki.
  • Wereldhave exits Finland through 450 million EUR transaction

    PUBLICERAD 2018-10-18 AV sverrirthor
    UPPDATERAD: 2018-10-18 23:25

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    Dutch real estate investor Wereldhave has agreed to sell the Itis shopping centre in Helsinki to a fund advised by Morgan Stanley Real Estate Investment. Thus, Wereldhave exits the Finnish market, where it has been since 2002 and where it was the first large foreign investor in corporate real estate.

    According to a press release from the Dutch investor, the net price for the shopping centre is 450 million EUR, which includes the deferred tax liability. The price is based on an underlying property value of 516 million EUR, which is 8.5 per cent below the book value of the property.

    The deal is expected to be closed in December and it is subject to the completion of the Finnkino development project as well as authority approval.

    Sverrir Thór

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