Cushman & Wakefield advises Wereldhave on EUR516m sale of Itis Shopping Centre
Cushman & Wakefield’s EMEA Retail Capital Markets team has advised Wereldhave on the disposal of one of the largest shopping centres in the Nordics, Itis in Helsinki, Finland, to Morgan Stanley Real Estate Fund for EUR516 million.
The 1.1 million sq ft property is located in East Helsinki and comprises more than 150 shops and office space over five floors, attracting more than 17 million visitors per year. Its anchor tenants include Stockmann department store, the flagship stores Zara and H&M, and two supermarkets: S-Market and Lidl.
Michael Rodda, International Partner, Head of EMEA Retail Capital Markets at Cushman & Wakefield, says: “This sale is one of the largest single retail asset sales to take place in Europe this year and demonstrates the healthy investor appetite for fundamentally strong dominant shopping centres."
Cushman & Wakefield advised Wereldhave. Houthoff were Wereldhave’s legal advisers.