CBRE advises Niam on the sale of the Kaari Shopping Centre for €207 million

Niam Oy has sold one of their Shopping Centre assets in the Helsinki metropolitan area to Keva, Finland’s largest pension provider. Kaari Shopping Centre is  the sixth largest shopping centre in the area at circa 50,000 sq m, and Niam has been the owner of the centre since 2015. During the period of ownership, Niam has performed several structural changes in order to further improve the centre’s offering and customer experience. A diverse tenant mix, including new additions such as Gigantti, Jysk and Tokmanni as well as upgraded food court with a variety of restaurants, have increased the attractiveness of the centre and secured its position as the leading convenience centre in Finland.

CBRE acted as Niam Oy’s commercial advisor and Hannes Snellman acted as legal advisor.

Antti Muilu, Country Manager Niam Finland, says; “During our seven years of ownership, we have successfully managed this retail portfolio. Kaari Shopping Centre has been able to increase its turnover every year since we acquired the asset.  Starting from 185 million euros in 2015 and breaking the recorded in 2021 with a turnover of 257 million euros. Sales improved even during Covid-19 pandemic when retail sector was heavily impacted on government-issued restrictions.”

Henrik Gerdin, Fund Manager at Niam says; “We are happy that we have taken Kaari to the next level by improving the customer experience. This is yet another example of Niam’s capability of executing business plans and driving value across all segments in the Nordics.”

Chris Gardener, Head of EMEA Retail, CBRE

The retail market continues to recover for assets with strong everyday anchors in strong urban catchments. The Nordic region remains a focus for both international and domestic capital and we expect this trend to continue.

Chris Gardener, Head of EMEA Retail, CBRE
Ilpo Münster, Head of Investment Properties, CBRE Finland

We are extremely pleased to have had the opportunity to support Niam in the successful sale of the Kaari Shopping Centre which is one of the few major shopping centres sold in Finland in recent years. Kaari is the leading convenience centre in Finland and is a great example of how a well-managed and positioned retail asset can provide strong performance, resilience and interest in the current market environment, with an excellent outlook for the future.

Ilpo Münster, Head of Investment Properties, CBRE Finland