HELSINKI--(BUSINESS WIRE)--Cushman & Wakefield’s EMEA Retail Capital Markets team has advised Wereldhave on the disposal of one of the largest shopping centres in the Nordics, Itis in Helsinki, Finland, to Morgan Stanley Real Estate Fund for €516m.
The 1.1M sf property is located in East Helsinki and comprises more than 150 shops and office space over five floors, attracting more than 17 million visitors per year. Its anchor tenants include Stockmann department store, the flagship stores Zara and H&M, and two supermarkets: S-Market and Lidl.
Michael Rodda, International Partner, Head of EMEA Retail Capital Markets at Cushman & Wakefield, said: “This sale is one of the largest single retail asset sales to take place in Europe this year and demonstrates the healthy investor appetite for fundamentally strong dominant shopping centres."
Cushman & Wakefield advised Wereldhave. Houthoff were Wereldhave’s legal advisors.
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Source: Cushman & Wakefield