One of Finland’s largest retail venues, Kaari shopping center in Kannelmäki, Helsinki, changes owner.
Niam acquires the premises from HOK Elanto – who will stay as the major tenant.
On September 17, 2015 Niam signed an agreement to acquire Kaari Shopping Center located in Kannelmäki, near the ring road 1, in Helsinki.
The shopping center is Helsinki’s fifth largest, and Finland’s ninth with a total area of 48,000 square meters and 5.3 million visitors annually.
There are 900,000 inhabitants within 15 minutes from the shopping center.
The seller, HOK-Elanto, has in connection with the acquisition signed long-term lease for the space they currently hold. The transaction is expected to close in October 2015.
“This was an opportunity for Niam to acquire a modern shopping center with an excellent location. Niam sees potential to further increase the frequency of visits to the mall.,” says Stefan Albinsson, Fund Manager at Niam.
“The population of the metropolitan area is growing and with this acquisition we can secure the future of development financing. We are delighted that the buyer is a company that has a clear vision for the development of shopping centers,” comments HOK-Elanto’s President and CEO Matti Niemi.