Trevian Purchases Three Properties
Finland Trevian Finland Properties I has acquired three different properties in Turku and Riihimäki from a group of private investors. The acquired portfolio has a leasable area of 62,970 sqm and 225 tenants.
Leaf Center lies 4.6 km north of Turku city centre in the Kärsämäki industrial area. Leaf Center is a former sweets factory consisting of eight buildings. The first chocolate factory started its operation in the area in 1910, after which production of chocolate and liquorice continued in Kärsämäki for almost a hundred years under the ownerships of Huhtamäki and Leaf International. There is 36,048 m2 of leasable area and over 170 tenants from several sectors: sports facilities, warehouse and logistics, light manufacturing, offices and retail.
TV Center, a former Finlux television factory, is located 4.9 km north-west of Turku city centre, in the Mällikkälä retail and industrial area. It contains predominantly warehouse, office and retail space, with 24,050 sqm leasable area and nearly 50 tenants.
Riihi Center is a 2,872 sqm single-tenant property 3.4 km south-west of Riihimäki city centre, in the Merkos retail park next to national highway number 3. General discount retailer Puuilo Oy started as tenant at the property on 1st August 2018.
“The acquired portfolio is perfectly aligned with our fund’s investment strategy”, says Trevian Funds AIFM’s director of real estate investments Risto Aro. “The properties have very high occupancy rates, and the tenant risk is extremely well diversified. Leaf Center and TV Center are a part of the Finnish industrial history, and it is gratifying to see how these buildings have found a new raison d’être.”
In addition, on 28 September 2018, the fund acquired a single-tenant property from YIT Construction Ltd in Piispanristi, Kaarina, 6 km from Turku city centre. The tenant of the 2,500 sqm commercial building, constructed in 2008 is Puuilo Oy. The seller’s advisor in the transaction was Reagle Oy.
“Excellent transport connections and other large retail operators nearby offer strong natural customer flows to our acquisition”, notes fund manager Amalia Pöyry.
Trevian Finland Properties I will continue making acquisitions in line with its investment strategy during the autumn. There is currently 147,995 sqm of leasable area in the fund’s portfolio.
“Our strong growth and the increasing pace and volume of transactions demonstrate our strengths”, says Kari Kolu, CEO of Trevian Funds AIFM. “Without our resources, local market knowledge and the experience of the team, it would not be possible to successfully implement the chosen investment strategy.”