Barings RE Advisers has acquired the Entresse Shopping Centre in Espoo from the CapMan Group for €30.4m.
The centre in Finland’s second largest city offers a gross lettable area of 104,991 sq ft across 40 units, as well as a heated garage, and is currently 82% let.
Barings Real Estate Advisers has identified a range of asset management initiatives to improve occupancy and value of the centre, including a capex programme to reconfigure and upgrade the property to introduce new retailers and food and beverage operators.
Göran Bengtsson, managing director and head of the Nordics at Barings RE Advisers, said, “Espoo is Finland’s second largest city and with long-term population growth outperforming the national average and the increasing appeal of the area as one of Helsinki´s leading suburban locations, further growth is expected.
“These demographic changes, combined with the high build quality of Entresse, its close proximity to public transport and plans for further development of the area, made it a very compelling acquisition opportunity. We have already planned a range of initiatives to introduce new tenants to the scheme and further improve the retail centre”.
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