Real estate company Prisma Properties has signed an agreement to acquire ten management properties in Finland through a sale and leaseback transaction with Kesko, one of Finland's largest grocery chains, according to a press release.
The properties are being acquired at a total underlying property value of EUR 59 million, equivalent to SEK 650 million, and comprise a total leasable area of 23,500 square meters. The properties are fully leased to Kesko, with an annual rental value of just over EUR 4 million, corresponding to SEK 44 million. The average remaining contract period is 11.6 years.
The properties are being acquired at a yield above the average for Prisma Properties' existing portfolio, and the acquisition is expected to increase earnings per share by approximately 5 percent compared to the company's most recent interim report.
The acquisition is financed through a combination of loans and equity.
