Boultbee buys Kauppakortteli Atomi, Finland
Boultbee has bought the city centre project Kauppakortteli Atomi, located at Riihimäki, Finland, from YIT Construction Ltd for approximately €80 million. The total size of the complex is approximately 25,000 m2, and it will be completed in several different stages.
The shopping quarter Atomi is currently one of the largest city centre development projects in Finland. The area will include a diversity of shops and leisure time and cultural activities, as well as a centre for public transportation. The total area of the facilities will amount to approximately 25,000 floor square metres.
The first stage of the shopping quarter is already in progress, and it is being built by Osuuskauppa Hämeenmaa. YIT is the contractor of the Prisma shopping centre and the developer of the shopping centre Elektroni, both of which will be completed in November 2007. The shopping centre Elektroni will be integrated into the Prisma shopping centre. Most of the facilities in Elektroni have been sublet, and will host fashion and clothing shops that support the adjacent Prisma shopping centre. The next stages will consist of starting the construction work on the Riihimäki Transportation Centre and Retail Park Neutroni. Neutroni is a Retail Park project that focuses on interior decoration.
CentrumKompaniet: Boultbee wins bid
Stockholm, Sweden, 09/05/07: Leading private property investment company, Boultbee, has been announced as the winner of the extremely competitive bid to purchase CentrumKompaniet – the City of Stockholm’s highly desirable portfolio of ten shopping centres – making it the biggest retail property deal in Europe this year .
After much deliberation, the City of Stockholm placed Boultbee’s well considered proposal in first place and the final paperwork to complete the deal, worth in excess of 10.4 billion SEK (approximately 1.13 billion EUR / 0.77 billion GBP), was signed yesterday.
Steve Boultbee Brooks, Managing Director of Boultbee, said: “The team at Boultbee are tremendously excited to have won this bid and look forward to developing our visions for Stockholm with the CentrumKompaniet team. Sweden remains one of the fastest growing economies in Europe , and we are now beginning to see the effects of our long-term commitment to the Swedish market. Building on Boultbee’s international experience and the visions outlined by the City of Stockholm, we have a unique chance to improve the local communities and create new, exciting opportunities for the residents of Stockholm.”
Kristina Axén Olin, Mayor of the City of Stockholm and chairman of Stockholms Stadshus AB, comments: “This is a very good deal for the inhabitants of Stockholm. Boultbee is a professional player with solid experience and a know-how that gives them excellent opportunities to further develop the properties that are disposed. At the same time the transaction gives the City of Stockholm means for substantial investments in infrastructure and new housing.”
Kristina Alvendal, Vice Mayor, Housing and Integration Division and Chairman of CentrumKompaniet, adds: “Important criteria for us in the disposal process have been that the new owner will continue to support the conversion of the residential portion of the real estate portfolio to co-operative building societies and is also prepared to invest actively in the suburban area. Boultbee has clearly pronounced that they will fulfil these criteria. For example, they have exciting ideas on new efforts to increase the attractiveness of the company's shopping centres.”
Steve Boultbee Brooks continues: “Our vision for the future of the CentrumKompaniet portfolio is to service and enhance the greater Stockholm retail offer to compliment the overall retail balance of the city. By enhancing and investing in the out-of-city retail offer we aim to address Stockholm’s vision for sustainable growth and continued economic development in these outer city neighbourhoods, stimulating residential housing provision and creating new employment opportunities.”
Bo Falk, Managing Director of Boultbee (Sweden), adds: “Our team in Sweden looks forward to developing Boultbee’s ambitions for Stockholm together with the experienced people of CentrumKompaniet. We expect to work closely with shop owners as well as residential tenants to fully realise the potential we see in these shopping centres.”
Boultbee’s innovative management strategies will introduction fresh new concepts to the CentrumKompaniet portfolio, creating unique retail opportunities for both prospective tenants and shoppers at the same time as providing tangible results.
Background Information: CentrumKompaniet
CentrumKompaniet was founded in April 2001 and is a subsidiary of the City of Stockholm’s holding company Stockholm Stadshus AB.
CentrumKompaniet’s main operations are of city shopping arcades and municipal and regional shopping centres. In close cooperation with its tenants, attractive meeting points for retail and business are developed.
The property portfolio comprises of Bredäng Centrum, Fältöversten Centrum, Hässelby Gård Centrum, Högdalen Centrum, Ringen Centrum, Rinkeby Torg, Skärholmen Centrum, Tensta Centrum, Västermalmsgallerian and Älvsjö Centrum. Dwellings are included in the portfolio.
The rental value of the portfolio amounted to SEK 695 million in 2006 and is divided into 64 percent retail, 9 per cent office, 11 per cent residential, 9 per cent municipal services and 2 per cent storage. The net operating income amounted to SEK 461 million in Stockholm. The property portfolio consists of ten shopping centres in Stockholm with a total lettable area of around 350,000 sq meters.
For further information please visit www.centrumkompaniet.se.
Background Information: Boultbee
Boultbee is a privately property investment company, founded by brothers Clive and Steve Boultbee Brooks in 1987. The company owns more than 70 properties in Sweden, among them a large number of supermarkets and 17 shopping centres. In total Boultbee’s portfolio is now worth in excess of 3 billion Euros, with local offices working in London (UK), Hereford (UK), Västerås (Sweden), and Helsinki (Finland).
Boultbee’s subsidiary, European Fund Management Sverige, provides a full management service including asset management, facilities management and mall trading. EFM Sverige has almost 60 employees and offices in Västerås.
David Revill, Managing Director of EFM, comments on the deal: “This not only provides EFM the ability to further roll out our international letting strategy, but also gives the opportunity to regenerate a number of community centres across Stockholm.”
Through a synergy that can only be achieved by family values and a harmonious understanding of each other, Boultbee and EFM work together to create and enhance their assets to the greater benefit of the tenant, owner and community over the long term.
Boultbee was advised in this deal by Peter Goldstein of Michael Elliot and Partners, Catella and DTZ Sweden, with financial support and backing provided by the Royal Bank of Scotland and Lehman Brothers. This is the 25th deal Boultbee has carried out with Lehman Brothers.
For more in-depth information regarding the CentrumKompaniet portfolio, Boultbee’s plans for the future, photographs or to organise interviews with the Boultbee management team please contact Laura Halstead at Toolbox Marketing on +44 (0) 7887 998185, +44 (0) 1359 250208 or email laura@toolboxmarketing.co.uk.
Boultbee purchases first property in Estonia
Boultbee, has bought its first property in Estonia - the Sikupilli Centre, in Tallinn, has been purchased for circa 40 million Euros to further increase its Nordic portfolio.
The Sikupilli Centre is an out of town retail destination located just 1km from Tallinn city centre and close to Tallinn International Airport. The centre provides a total of 15,148 sq m rental space which is currently let to 20 tenants including Prisma, OnOff and Seppälä. Visitors to the centre are provided with ample parking facilities, including 280 covered spaces housed within an underground car park and a further 500 surface spaces.
Steve Boultbee Brooks, Managing Director of Boultbee, commented: “The Nordics is an extremely interesting area for us and we are keen to develop our retail portfolio across the entire region. With shopping centres in Sweden and Finland, Estonia seemed to be a natural progression for Boultbee. We are very excited about the purchase of the Sikupilli Centre and we hope this is the first of many deals we do in Estonia.
Boultbee will be using its property management company, EFM, to manage the new property starting with running a green audit to ensure the shopping centre is as environmentally friendly as possible.
Boultbee Celebrates 20th Anniversary
Boultbee, one of Europe’s fastest growing private property investment companies, is celebrating reaching its 20th anniversary this month. Boultbee was formed by two brothers, Clive and Steve Boultbee Brooks, in 1987. By moving with the market to maximise profits, Boultbee has gone from strength to strength with a current portfolio worth €2.1 billion consisting of shopping centres, supermarkets and offices in the UK and Northern Europe.
Boultbee European Landmark
With the recent additional purchase of the Centra shopping centre in Västerås in central Sweden, Boultbee's total combined retail area for both European and UK holdings passed the 15 million sq ft mark.
Boultbee acquires the Kamppi Center in Helsinki
Finland's largest construction project has been the building of the Kamppi Center in central Helsinki for the past five years. In a deal worth in excess of €345 million, Boultbee aquired the site from Helsingin Kamppi Center Oy. David Revill, Boultbee's Director of Asset Management says "As shopping centre managers, we work very hard at attracting the best tenants, and new concepts, to create the best possible tenant mix. With our international holdings this allows us to introduce UK retailers to the Baltic market, as well as other European and global retailers, who are also present in the UK market."
Treaty Centre, Hounslow undergoes re-fit
Working with Architects GPAD Ltd, the Treaty centre in Hounslow has been undergoing an extensive re-fit which has culminated in a 15% rise in footfall since work began. "our aim is to always add value to our centres and provide the local comunity with a much more interesting shopping environment" says Stephen O'Halloran.
Boultbee buys Santa's Shopping Centre
Boultbee has purchased a new shopping centre which will be located in the heart of Rovaniemi, the home of Santa Claus, and will house 30 stores. A number of tenants have already signed up, including major stores - Kappahl, Stockmann and SOK Group.
Highly regarded construction company Skanska is building the shopping centre, which is due to open in December next year ready to welcome the seasonal influx of festive visitors who have come to meet Santa Claus.
Steve Boultbee Brooks commented: " The Nordics are a key area of interest for Boultbee at this moment in time. The new shopping centre in Rovaniemi is the second shopping centre we have purchased in Finland, the first being Helsinki's premier shopping centre Kamppi. We feel that the Nordics are a very accessible market right now."
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