Helsinki landmark and shopping center Forum is sold.
Sponda buys all six properties including shopping center and office building.
”This acquisition is a perfect fit with our current strategy of increasing the share of shopping centres and office properties in our portfolio, while also increasingly focusing our property ownership on the prime area in Helsinki’s central business district,” says Sponda CEO Kari Inkinen.
Sponda Plc announces that it has today signed agreements with Forum Fastighets Kb and Föreningen Konstsamfundet r.f. on the acquisition of the shares in Ab Mercator Oy, which owns six properties in central Helsinki, as well as the shares in Ab Forum Capita Oy, which manages the properties in question.
The total debt-free price of the entities being acquired is approximately 576 million EUR, to be paid in cash. The estimated net yield after the first year is approximately 4.9%.
Sponda says it is focusing even more strongly on prime areas in Helsinki’s central business district.
The acquisition comprises a total of six prime properties in the Forum block, including the Forum shopping centre and office premises. Of the properties’ total leasable area of 76,918 square meters, some 48 percent is retail premises and 41 percent office premises, while 11 percent is storage space and other utility space.
Forum is one of Finland’s largest and busiest shopping centres, with nearly 14 million visitors per year. The shopping centre includes a total of about 140 shops with combined annual sales of approximately EUR 200 million¹.
It’s layout and location gives it street level entrances – on all levels.
The largest shops in the shopping centre include H&M, Gigantti and Stadium.
Over 50 million EUR was invested in the shopping centre’s expansion and improvement project carried out in 2012–2015, which involved modernisation of the premises, improvements to energy efficiency and the addition of some 8,000 square meters of retail space.
Due to the expansion and improvement project completed in 2015, the premises were not in full use for the entire year 2015. The current occupancy rate corresponds to a total revenue of approximately EUR 37.7 million in 2016.