Agore Kiinteistöt has acquired two Finnish shopping centers from a fund advised by Barings Real Estate on 30 April 2018.
The acquired assets are shopping center Revontuli in Rovaniemi and shopping center Galleria in Lappeenranta. The total leasable area of the properties is approx. 33 500 m2 and both centers have been built in 2007. After the acquisition Agore’s real estate portfolio includes 12 properties with a total value of around € 220 million.
“We are happy to add Revontuli and Galleria to our portfolio. Both the centers are modern and their attractive retail brands and key commercial locations enable further development with active local management. Agore wants to offer best city center locations and to create comfortable livingrooms and meeting points for the citizens with interesting stores, restaurants and activities”, said Maria Söderman, Business Director responsible for Agore’s operations.
Agore Kiinteistöt is a real estate investment company established in 2017 and owned by Elo Mutual Pension Insurance Company, Första AP-fonden (AP1) and Trevian Asset Management Oy. The company invests in the major growing cities in Finland primarily outside Helsinki area. Agore’s focus is especially on retail and office assets located in the hearts of the city centers. Agore has significant resources for further investments enabling a total portfolio size to exceed € 400 million. Agore’s operations are managed by Trevian Asset Management.