Nordic real estate private equity firm Niam has sold a shopping centre in Helsinki metropolitan area to Keva, Finland’s largest pension provider, for €207 million.
Kaari Shopping Center is, with its ~50,000 sqm, the sixth largest shopping center in the area and Niam has been the owner of the shopping centre in Helsinki since 2015.
During the period of ownership Niam has performed several structural changes in order to further improve the center’s offering and customer experience.
An upgraded food court with a variety of restaurants together with new tenants such as Gigantti (Elgiganten), Jysk and Tokmanni has increased the attractiveness of the center, both for visitors and tenants.
Antti Muilu, Country Manager Niam Finland, said: “During our seven years of ownership, we have successfully managed this retail portfolio. Kaari Shopping center has been able to increase its turnover every year since we acquired the asset. Starting from 185 million euros in 2015 and breaking the recorded in 2021 with a turnover of 257 million euros. Sales improved even during Covid-19 pandemic when retail sector was heavily impacted on government-issued restrictions.”
Henrik Gerdin, Fund Manager at Niam said: “We are happy that we have taken Kaari to the next level by improving the customer experience. This is yet another example of Niams capability of executing business plans and driving value across all segments in the Nordics.”