Cromwell Property Group sells Retail Park Fresko to Special Investment Fund eQ Finnish Real Estate

Cromwell Property Group has sold Retail Park Fresko in Varisto, Helsinki Metropolitan area to Special Investment Fund eQ Finnish Real Estate (AIF). The purchase price for the property is circa €16.7 million.

Retail Park Fresko is located in the established retail cluster Varisto, a well-known retail area home to various small specialty retailers and larger retail operators. There are 11 tenants including a strong anchor tenant Tokmanni, the largest general discount retail chain in Finland and in the Nordics.

Retail Park Fresko offers a variety of retail and storage units with a total leasable area of circa 15,500 sq m. The property is located on a freehold plot and has a big parking area with circa 300 parking spaces.

“From a challenging position in 2015 when the property suffered from a more than 40% vacancy rate, the local team successfully managed to reconfigure the floor layout and subsequently sign up the anchor tenant Tokmanni in a new location in the centre. With that initiative, we created a better product and delivered a strong result for our investors, and we are happy to now leave it in eQ’s capable hands”, says Tomas Beck, Head of Nordics, Cromwell Property Group.

“Fresko is a good add to our network of properties in the key established retail areas and, thus, we see immediate and long-term synergy benefits from portfolio perspective”, says Samuel Granvik, Investment Director at eQ Asset Management Ltd.

CBRE Finland Oy acted as the seller’s exclusive sales advisor.

Further information:

Cromwell Property Group
Risto Vuorenrinne, Head of Asset Management, Finland
M +358 50 313 9350, I

eQ Asset Management Ltd
Samuel Granvik, Investment Director
M +358 50 360 6553, |

CBRE Finland Oy
Harri Saravuo, Senior Sales Director
M +358 40 1959 082, | |

Published on: 13 06 2017