The close ended fund is approaching its end of life and has one remaining asset to sell, having proactively initiated an early sales programme given the strong demand for Core Plus assets in 2016.
The Auto Airport retail park, close to Vantaa Airport in Helsinki and covering a lettable area of 17,800 sq m, was sold to OP-Vuokratuotto. The warehouse has been managed for 10 years by Savills IM and has ALD Automotive, MetroAuto and Teboil as its main tenants..
Peter Broström, Head of Nordics at Savills IM, commented:
“Auto Airport is now a highly desirable Core Plus asset following completion of our management programme. In 2016 we secured a total of 56% of its rental income for the next five years through two new lease extensions.
“It has been under our management for the last 10 years and we are very pleased to hand over the property to a seller such as OP-Vuokratuotto. The property has been a strong investment in our Fund and has provided sound returns to our investors.”
Citigate Dewe Rogerson
Patrick Evans / Stephen Sheppard / James Madsen / Alice Stewart
Tel: +44 (0)20 7282 2966
Savills Investment Management