Prisma Properties has entered into agreements to acquire eight properties in Finland through three separate transactions. The portfolio comprises a total lettable area of approximately 28,000 m² and consists mainly of grocery-sector properties.
The total purchase price is reported at €65 million. Based on the reported purchase price and lettable area, the transaction corresponds to €2,321 per m². The total annual rental value amounts to €4.9 million, implying a rental value yield of 7.5%. The weighted average unexpired lease term is 11 years.
One of the transactions comprises two larger grocery properties in Kajaani and Hämeenlinna. Both properties are fully let to Kesko Oyj under the K-Citymarket concept. The seller in this transaction is the French asset management company Corum. Following the acquisition, Kesko’s share of Prisma Properties’ rental income increases from approximately 7% to close to 13%.
The second transaction comprises three grocery properties in Espoo. The properties are being acquired through a sale-and-leaseback transaction, with the seller entering into long-term lease agreements in connection with the transaction. According to Prisma Properties, the transaction strengthens the company’s exposure to the grocery segment while adding a new strong grocery tenant to its portfolio. While the seller has not been disclosed, it is most likely S-Group (in this case HOK-Elanto), as Kesko and Lidl are already tenants of Prisma Properties.
In addition, Prisma Properties has acquired three properties for quick-service restaurants and service functions in traffic-oriented locations in Paimio, Lahti and Imatra. These properties are also fully let. The seller in this transaction is Kesko Oyj.