Prisma Properties has entered into agreements to acquire eight properties in Finland through three separate transactions. The properties comprise a total of approximately 28,000 square metres of lettable area and mainly consist of properties within the grocery segment. The total annual rental value amounts to EUR 4.9 million, with a weighted average unexpired lease term (WAULT) of 11 years. The total purchase price amounts to approximately EUR 65 million.
One of the three transactions comprises two larger grocery properties in Kajaani and Hämeenlinna, fully let to Kesko Oyj under the K‑Citymarket concept. As a result of the acquisition, Kesko’s share of Prisma’s rental income increases from approximately 7 per cent to close to 13 per cent. The seller is the French asset management company Corum.
The second transaction comprises three grocery properties located in Espoo, part of the Helsinki Metropolitan Area. The properties are acquired through a sale‑and‑leaseback transaction in which the seller, in connection with the transaction, has entered into long‑term lease agreements. This transaction also strengthens Prisma’s exposure to the grocery segment while at the same time adding a new strong grocery tenant to the company’s portfolio.
In addition, Prisma has acquired three properties for quick‑service restaurants (QSR) and service functions in strong, traffic‑oriented locations in Paimio, Lahti and Imatra. These properties are also fully let. The seller is Kesko Oyj.
Overall, the acquisitions are expected to increase the company’s grocery share in the portfolio to 48 percent and to increase earnings capacity per share by 5.50 percent compared with the most recent interim report.
“We are very pleased with these transactions, which clearly strengthen our position within grocery. Through the acquisitions, we add more well‑located grocery properties with long lease terms and stable cash flows, while at the same time deepening our cooperation with Kesko and initiating new partnerships with strong grocery operators. We are also establishing a presence in the QSR segment in Finland through a smaller acquisition at very attractive levels,” says Tom Hagen, Deputy CEO and Head of Transactions at Prisma Properties.
The closing for the properties in Espoo took place on 1 June, the closing for the properties in Paimio, Lahti and Imatra will take place on 2 June, and the closing for the properties in Kajaani and Hämeenlinna will take place on 1 July.
In connection with the transactions, Borenius and Hannes Snellman acted as legal advisers, Capton Partners, PwC, Borenius and Colliers as tax and financial advisers and Naava Partners as technical adviser.
The transaction is financed through a combination of secured and unsecured loans.
