TH Real Estate acquires stake in €500m Finland mall
TH Real Estate has agreed to acquire a 50 percent stake in the Kamppi Center, a shopping center located in Helsinki, Finland, from Barings Real Estate Advisers, acting on behalf of the Nordic Retail Fund.
The deal will create a 50-50 joint venture partnership between Allianz and TH Real Estate. The 50 percent stake, which values the center at more than €500 million ($529 million), is to be acquired on behalf of TH Real Estate’s flagship pan-European investment vehicle, the European Cities Fund, which was launched in 2016.
The 393,959-square-foot mall features several prime retail brands, including Calvin Klein, Clas Ohlson, Levi’s, Mango and Stadium. Barings recently completed a repositioning of the center’s fifth and sixth floors, which has increased the revenue from these floors by around 50 percent, and the property now includes