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.
For more information, please contact:
Tom Hagen, Deputy CEO and Head of Transactions, Prisma Properties
tom.hagen@prismaproperties.se
+46 73-509 99 18
About Prisma Properties
Prisma Properties is a leading owner and developer of modern retail properties in the Nordics. The company focuses on properties for groceries, discount stores, and the QSR sectors (quick service restaurants). Prisma Properties currently owns approximately 160 properties in Sweden, Denmark, and Finland, with the goal of growing further throughout the Nordic region. Focusing on long-term thinking, sustainability and accessibility, Prisma Properties invests in next generation retail centers and fast-charging stations for electric vehicles near highways and other high-traffic locations. Prisma Properties' shares are listed on Nasdaq Stockholm Mid Cap under the ticker code PRISMA, and its head office is located in Stockholm. Read more at: prismaproperties.se/en/.
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K-Citymarket Kajaani
