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Boultbee (UK) and the Royal Bank of Scotland are buying the Kamppi Centre Property
The owners of Helsingin Kamppi Center Oy, the subsidiaries of SRV Yhtiöt Oyj (30 %) and Pontos Oy (70 %) have agreed to sell the company to a new company to be established by Boultbee (80.1%) and The Royal Bank of Scotland (19.9%). The price is 345 million Euros.
"We strongly believe in the Kamppi Center. We aim to build on the success of Kamppi so far to create a shopping center, which the city can be proud of. We are long term investors in this type of core shopping center where we believe the location will be as good, if not better in 50 years time as it is today. With the strength of its location, and our ability to deliver the best retail mix in Helsinki, we firmly believe we can keep the Kamppi Center at the top of the retail hierarchy. As shopping center 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", says Mr. David Revill of Boultbee.
Boultbee is a specialist shopping center manager and investor, which owns 9 shopping centers in Sweden, 9 in the UK and manage a further 8 in UK.
“We are very pleased to participate as a co-investor as well as underwriting the debt in this successful transaction, which is in line with our ambitions", says Reinhold Geijer, Head of RBS Nordic Region.
The Royal Bank of Scotland, RBS, is one of the world’s leading financial services groups with a Nordic presence since 2004. RBS offers Nordic corporations, financial institutions and public parties a broad range of financing and risk management products and, as one of the leading Nordic Real Estate Financiers, RBS supports property investors with senior debt, junior debt, mezzanine finance and equity.
"The transaction has a considerable influence on SRV’s operations, since it concludes the Kamppi project for us and we can now concentrate on new projects. Kamppi was a very important project for us for years. Therefore we wanted to find a professional owner and operator for Kamppi, who has the ability and wish to further develop Kamppi as the most attractive shopping center in Helsinki. The project was a success in every way, and we can be happy with the results," says Vice Managing Director Timo Nieminen from SRV Yhtiöt Oyj.
"For Pontos Oy, Kamppi has been a notable investment. However, the holding in Kamppi became over pronounced in our portfolio and therefore the sale was in line with our strategy", says Pontos Oy’s Managing Director Tomi Vannas. "The development project was a financial success and a good business card for the future. Kamppi is in a phase in its life cycle where it will benefit from a strong shopping center operator-owner", says Vannas.
The Kamppi shopping center opened in early March. During the first month of operation the center was visited by more than three million people. The total commercial leased floor area of Kamppi is 35,000 square metres. There are 150 shops and restaurants in Kamppi. The center is fulfilling its promises and taking its place as the new heart of the city of Helsinki. In addition to the shopping center Kamppi has two public bus terminals, parking for 250 cars, a new entrance to the underground, offices and apartments, as well as wide open areas with a market square and a park. SRV remains the owner of the Kamppi office properties.
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