Vantaanportti Retail Park is a complex of three commercial buildings and a car park on the Helsinki Metropolitan Area no. 3 circular road in Vantaa. The complex includes some 24,000 square metres of leasing space and parking lots for 700 vehicles. The seller of this site was an international investment company and the buyer was the active domestic investor eQ Finnish Real Estate special investment fund.
Newsec advised the seller in the sale of Vantaa Retail Park. Sales of such multipurpose sites can be challenging, because leases may end or be renewed during the process.
An important new lease agreement for the site was also concluded with a large retailer of daily consumer goods during the sale process. This transaction required a special dispensation, as the previous zoning plan did not permit trading in daily consumer goods in the area. We also negotiated the lease agreement with the trader seeking to use the premises.
The dispensation was secured and the Newsec leasing team negotiated the terms and conditions of the lease, after which the Capital Markets team successfully, completed the sale of the site.
The sale was successfully completed through a joint effort of the Newsec in-house teams to the satisfaction of both seller and buyer. Newsec was able to continue collaborating with the seller immediately on new projects.