Landmark property sale in the centre of Turku

Capital Markets

BACKGROUND

A landmark property Kivikukkaro located at Yliopistonkatu 29 B, Turku was sold in March of 2019. The property, constructed in 1975 and significantly refurbished recently, comprises approx. 10,200 square meters of leasable area including prime spaces for retail, office and hospital users as well as over 200 parking spaces. The main tenants of the property are Kesko, Tokmanni, Pihlajalinna and Fitness24Seven. The property was acquired by the international open-ended special AIF Vontobel Sustainable Real Estate, managed by Quadoro Doric. Newsec acted as the sellers’ commercial advisor in the transaction.

CHALLENGE

The sellers had refurbished the asset from an old Anttila store to a prime mixed used property for leading office, retail and care operators. The selected buyer was a new international investor, who was in process of conducting its first property transactions in Finland. Therefore, the buyer conducted an especially thorough and detailed Due Diligence process, as there were many aspects to be analysed especially regarding the new types of use of the property.

SOLUTION

Newsec led the Due Diligence and Q&A processes on behalf on the sellers and participated, together with the sellers and their legal advisor in various negotiations. When the buyer had completed their due diligence, the transaction was closed successfully in March of 2019.

OUTCOME

The investor demand for the property was strong and the selected buyer was a new international investor who conducted their first transaction outside of the HMA. The successful execution of the deal was enabled by the close co-operation and communication between Newsec, the sellers and their legal advisor.

  • Summary Selling of landmark mixed use property Kivikukkaro
  • Location Yliopistonkatu 29b, Turku
  • Customer Undisclosed
  • Status Completed in March 2019
  • Services provided Sellside transaction

Contact

Rikumatti Forsberg Partner, Capital Markets, Newsec Advisory +358 50 594 1722