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Sign in Sign up for a FREE subscriptionU.S. investor buys Helsinki shopping center for €516m
Wereldhave has reached agreement to sell the Itis shopping center in Helsinki to a fund advised by Morgan Stanley Real Estate Investing for €516 million ($592 million).
The transaction is scheduled to close in December 2018, subject to completion of the Finnkino development project and antitrust approval.
With this transaction, Wereldhave has made a large step in realizing its strategic agenda to focus on convenience centers, while improving its risk profile and strengthening the balance sheet.
After completion, Wereldhave’s portfolio will be strongly focused on one asset class, with 29 convenience shopping centers in Belgium (seven), France (six) and the Netherlands (16). As Itis accounted for 15 percent of the portfolio, the single-asset exposure will decrease to 7 percent.
