Sweden: Increasing transaction volume in Sweden with 30 deals summing to € 1.4 billion (SEK 12.8 billion). The largest deal was NREP divesting a logistics portfolio consisting of 28 assets in Sweden, Finland and Denmark to four Danish institutions (PFA, Lægernes Pensionskasse, DIP, JØP). The purchase price was approximately SEK 6.3 billion (€ 683 M), of which the assets in Sweden represented some 70%, according to Pangea.
Norway: High transaction volume, reaching € 1.8 billion (NOK 15.5 billion). The largest Norwegian property transaction ever was signed in May when Citycon acquired Sektor Gruppen for a net transaction value of NOK 12.3 billion (€1.4 billion). Sektor Gruppen is Norway’s second largest shopping center company, with majority ownership in 20 assets.
Finland: Increasing transaction activity in Finland with 11 deals summing to € 1.2 billion in May. The largest transaction was Kesko’s sale and leaseback of 34 grocery stores to AMF’s and Ilmarinen’s joint venture Ankkurikadun kiinteistöt (€ 652 M).
Denmark: Increasing transaction activity in Denmark as well, with a monthly volume of € 0.7 bn (DKK 5.0 billion) in May. The largest deal was the divestment of the “Illum-building”, a 44,000 m² department store in central Copenhagen for some DKK 2.5-3.0 billion. The buyer was Central Group, a retail investor from Thailand owning the Illum brand and operations from before, and the seller was BlackRock Europe Property Fund III.
Pangea: High Transaction Activity in May
Nordic — The transaction activity on the Nordic market was high with with 61 deals and a total volume of € 5.0 billion in May. The volume was driven by large cross-border deals in all countries, according to Pangea Monthly Update.