Prisma Properties has entered into an agreement to acquire a retail property in Pietarsaari, Finland, through a forward purchase transaction. The acquisition is based on an underlying property value of approximately EUR 7.7 million. The property will comprise approximately 4,900 square metres of lettable area and is fully let, with an annual rental value of approximately EUR 0.6 million upon completion.
The property is located in an established retail area in Pietarsaari, western Finland. Leading discount retailers account for 89 per cent of the rental value and the weighted average unexpired lease term (WAULT) amounts to 9.7 years.
The seller is the Finnish property developer and construction contractor Teräselementti, which, in cooperation with the Finnish property developer Kiinteistökehittäjä, will construct the building. Completion and closing are scheduled for September 2027.
The acquisition is expected to increase Prisma’s earnings capacity per share by 0.73 per cent compared with the latest communicated earnings capacity in the company’s Q2 report. The acquisition will further strengthen Prisma’s modern portfolio with an additional newly developed retail property that is fully let on long-term leases to leading discount retail operators.
“We continue to build our portfolio in Finland for long-term ownership and management. Forward investments such as this play an important role in our strategy to secure future earnings growth per share without taking any development risk. The acquisition fits perfectly with our investment strategy, where we focus on modern and energy-efficient retail properties as well as long lease agreements with established retail operators”, says Tom Hagen, Deputy CEO and Head of Transactions at Prisma Properties.
In connection with the transaction, Borenius acted as legal adviser and Naava Partners as technical adviser. The purchase price will be paid at closing once the property has been completed.
