The properties, built in 1926-1991 and renovated in 2018, have 18,700 m2 of leasable retail, office, entertainment and hotel area with 49 tenants. The Espen shopping centre, opened in the fall of 2018, operates in the premises, and anchor tenants include Nordea Bank, Halonen (fashion), BioRex (cinema) and New Yorker (fashion).
”Vaasa is an interesting city for us with brisk economic activity and a high level of purchasing power, but at the same time the highest yield requirement among the Finnish growth centres. We are extremely satisfied with this high-quality acquisition of a comprehensive hybrid entity of properties with a long lease maturity and effective diversification, well suited for our investment strategy,” says Partner and Investment Director Risto Aro at Trevian Funds AIFM.
“We are a domestic expert with a long-term view, and we want to implement our principles of recognisable ownership and local presence also in Vaasa, as we strive to support and further improve the vitality of the Vaasa CBD,” Director Aro continues.
Trevian Finland Properties I has continued its strong growth. Its assets under management grew to ca. 330 million euros at year-end, which have been effectively diversified both geographically and by property and tenant segments. After this latest transaction, there are 41 properties in the fund’s portfolio with 320,000 m2 of leasable area and more than 650 tenants. The fund’s annualised net return after fees has been 8.88% per annum since inception.