One of Finland’s largest shopping centres is being brought to the market this month for between €170m and €200m.
Finnish-based agents have been asked to pitch for the mandate to sell the 104,000m2 out-of-town Ideapark, in Lempäälä on the edge of Tampere, about 160km north of Helsinki.
Owner Toivo Sukari is hoping that a sale may net as much as €200m, reflecting a net yield of between 6% and 7%, says a source.
The offer is the second time in recent years that Sukari, a furniture chain entrepreneur, has tried to sell the mall. In 2007, Finnish press quoted him as saying he expected the Ideapark mall to be one day worth as much as €500m.
The asset includes 170 stores, provides gross lettable space of around 91,700 m2 across a 1.2km stretch.
Tenants include fashion retailer H&M, The Body Shop and Finnish chain Marimekko. The mall was designed around the theme of areas, with a “catwalk” area for fashion retailers and an “old town” for dining.
In 2007, Aareal Bank refinanced a €120m loan taken by Sukari for the mall’s development in 2005-2006.
Sukari, who owns the Maskun Kalustetalo, Masku Koti and Sukarin Lomarakennus chains, is well-known in Finland and has been a judge on the country’s Dragons’ Den TV series.
Finnish retail returns have fallen from their peak in 2008, according to research body KTI.
Overall sales fell last year by 1.6%, with luxury products hit harder than everyday items. However, the sector is still outperforming offices.
