Sirius announced the acquisition in February, but did not mension who the seller was.
The portfolio comprises 18 retail assets with a total lettable area of 23,917 sqm located across Finland. The properties, which are predominately grocery stores, range in size from 746 sqm to 2,040 sqm and are located across 17 municipalities in Finland. The main part of the portfolio is let to Kesko, one of Finland's leading grocery retailers.
The Finnish real estate market presents an attractive investment proposition to both foreign and domestic audiences, supported by the low interest rate environment and the improving availability of debt financing. Food sales in Finland continue to exhibit strong levels of performance making this segment of the retail market especially appealing to real estate investors. The disposal of this portfolio illustrates AXA Real Estate's capacity to capitalise on this trend and transact in a key European real estate market.
JLL and Roschier, Attorneys Ltd. advised Axa Real Estate on the sale.
Henrik Bastman, Head of Asset Management & Transactions in the Nordic Region at AXA Real Estate, comments:"This latest transaction, which closes in close succession of our disposal of a 123-asset Finnish retail portfolio for €107 million, demonstrates the significant investor demand for well-located food retail assets, backed by strong tenant covenants, particularly in Finland as one of Europe's key real estate markets."