The 9,400 sqm property is located in the heart of Salo, a city in Southern Finland approximately 120 km west of Helsinki. The long-standing tenant is Kesko, a leading grocery chain group, which operates the concept K-Citymarket in the premises. The asset was originally acquired in August 2015 as a part of larger Finnish retail portfolio.

“The divestment is in line with our original business plan of divesting the asset once a long term lease extension had been secured. We will now focus on the other assets in the same portfolio, where we see exciting development opportunities”, says Mikko Räsänen, partner at NREP.

NREP Nordic Strategies Fund I invests predominantly in retail, logistics and residential properties in the Nordic region. The fund is backed by leading Nordic and international institutional investors and has invested and committed over € one billion since inception in May 2014.