Keva, which is responsible for municipal pensions, bought the property from a Swedish real estate investment company.
Pension institution Keva has bought the Kauppakeskus Kaari property located in Helsinki’s Kannelmäki, Keva informs.
Keva, which is responsible for municipal pensions, bought the property from the Swedish real estate investment company Niami. The purchase price is 207 million euros.
“Kaari is one of the best shopping centers in the capital region and the location is central: approximately 1.1 million people live within a 20-minute driving radius”, Keva’s real estate investment manager Sami Kesonen says in the announcement.
Commercial center Kaari was built in 2009 and expanded in 2013. It has a total leasable area of 48,855 square meters.
Kaare is currently home to, for example, Finland’s largest Prisma, as well as Jyski, Giganti and Sokos stores.
“The investment fits well with Keva’s long-term real estate investment strategy. For a pension investor like us, it offers a good return, and thus meets the long-term goals of Keva’s pension fund”, Keva’s real estate investment director Calle Roselius says in the announcement.
Keva, Finland’s largest occupational pension insurer, is responsible for the pension affairs of approximately 1.3 million employees in the municipal sector.
Keva is also one of Finland’s largest office space providers: the leasable area at the end of 2021 was approximately 970,000 square meters and the market value was approximately EUR 2.9 billion.
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