Real estate firm Prisma Properties has entered into agreements to acquire eight properties in Finland through three separate transactions. The total purchase price amounts to 65 million euros, according to a press release.
The portfolio comprises a total of 28,000 square meters of lettable area and consists primarily of assets within the grocery segment. The combined annual rental value stands at 4.9 million euros, with a weighted average unexpired lease term (WAULT) of 11 years.
One of the three transactions involves two major grocery properties in Kajaani and Hämeenlinna, fully let to Kesko under the K‑Citymarket banner. Following the deal, Kesko's share of Prisma's rental income will increase from 7 percent to nearly 13 percent. The seller is the French asset management firm Corum.
The second transaction includes three grocery properties located in Espoo, within the Helsinki region. These assets are being acquired through a sale-and-leaseback transaction where the seller has signed long-term leases in connection with the deal.
In addition, Prisma has acquired three properties for quick-service restaurants and service functions in high-traffic locations in Paimio, Lahti, and Imatra. These properties are also fully let. The seller is Kesko.
Overall, the acquisitions are expected to increase the grocery segment's share of the portfolio to 48 percent and boost earnings per share by 5.5 percent compared to the latest interim report.
Prisma Properties AB is a Sweden-based property management company. The Company is a developer and owner of properties in the low-cost, grocery, and fast food sectors. Prisma Properties AB operates in the Nordic region and have a property portfolio, which mainly consists of newly developed properties with long-term leases. The Company grows in close collaboration with its tenants and together with them identifies new store locations that fit into their strategy and expansion plans. Discount stores account for the largest part, 57 percent, of its rentable area, with the largest tenants being Dollarstore, Jysk and Rusta. Grocery trade accounts for 20 percent, with tenants such as Willys and Lidl. Fast food accounts for 23 percent, examples of tenants are McDonalds, KFC and ChopChop.
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