Prisma Properties has agreed to acquire 10 grocery assets in Finland through a sale and leaseback transaction with Kesko Oyj. Under the agreement, Kesko will remain the long-term tenant across all properties.
The assets have a total underlying property value of EUR 59 million and a combined lettable area of 23,500 square meters. This results in a price of EUR 2,511 per square meter. The annual rental value exceeds EUR 4 million. All properties are fully leased to Kesko, and the average remaining lease term (WAULT) is 11.6 years.
In Kesko’s press release, the company outlined its reasoning regarding the disposal of these grocery assets: “The sale of these properties supports our aim to direct network investments particularly to areas where consumer demand and population growth are the strongest. The properties being sold have been classified as basic assets, which Kesko may, in line with its strategy, also sell and lease back.”
The portfolio includes the following properties:
- K-Citymarket Sastamala
- K-Supermarket Jyväskylä Vaajakoski
- K-Supermarket Lappeenranta Rakuuna
- K-Market Vihti Hiidenranta
- K-Supermarket Oulu Ritaharju
- K-Supermarket Saarijärvi Minttu
- K-Supermarket Liminganportti
- K-Supermarket Imatra Vuoksenniska
- K-Market Loviisa Kuningattarenranta
- K-Supermarket Eurajoen portti