Tristan/AEW Europe Fund sells shopping center into strong Finnish retail market (FI)
Friday 1 June 2012
EPI, a fund co-advised by pan-European real estate investment managers Tristan Capital and AEW Europe, has sold the Myllykeskus shopping center in Lappeenranta in south-eastern Finland through its strategic local partner Amplion Asset Management.
Nick Judge, Director at AEW Europe said: "The strength of retail demand in Finland stands in stark contrast to much of the rest of the Eurozone. So we felt it was good time to sell this asset from our Temple portfolio of Finnish retail assets within the European Property Investors Fund. We expect further sales to follow as good opportunities present themselves."
Retail trade sales in Finland rose by 9% in March over the same month of 2011, according to Statistics Finland.
The Myllykeskus shopping center was built in 1986 next to Highway 6 and was sold to its anchor tenant Etelä-Karjalan Osuuskauppa (EeKoo), part of the Finnish S-Group retailing cooperative.
Jyrki Konsala, Director at Amplion said: "The EPI fund acquired the shopping centre in 2006 and since then significant value has been added to the investment, with the addition of a new tenant and the purchase and re-zoning of land to maximize its food retail potential."