Aareal shopping for Nordic fund
Aareal Immobilien-KAG has bought a shopping centre in Finland on behalf of its Aareal Nordic Fund. The seller is the Finland-based real estate investment company Querenchia.
The newly-acquired Grani Shopping Centre is located 15km west of Helsinki in the city of Kauniainen. Grani was opened in March 2001 and is situated in the city centre.
Grani is approximately 5,500m2 and anchor tenants include the Finnish chains Sesto Grocery Store and Alko Alcoholic Beverages Store. Grani is fully let to about 30 different tenants.
The Aareal Nordic Fund has an investment target of €250m and focuses on properties in Sweden, Finland and Denmark. The fund aims at institutional investors who wish to participate in the development of the Scandinavian property markets.
Established in Wiesbaden at the beginning of 2004, Aareal Immobilien-KAG manages real estate Spezialfonds (special funds) established as open-ended funds in accordance with German investment law.
The company focuses on German institutional investors, but also covers international clients. It forms part of the Asset Management Group of Aareal Bank.