Finnish pension insurance company Keva is forward funding NCC Property Development’s Hämeenlinna shopping mall, under construction in Hämeenlinna, north of Finland’s capital Helsinki.
Keva is buying the scheme for around SKr800m (€89.96m).
The price is based on the current leasing rate of 47%, and NCC expects to have the development fully let by the fourth quarter of 2014.
Leasing of the remaining space will generate up to SKr130m as an additional purchase consideration. NCC is responsible for leasing for three years after completion.
Hämeenlinna shopping mall is being built on a deck that straddles the highway between Helsinki and Tampere and comprises 26,200 m2 of leasable space. Tenants secured include Anttila, Sokos, S-market and H&M.
NCC, which operates throughout the Nordic region, the Baltic countries and St Petersburg, has six projects in progress in Finland. In 2011 the company reported sales of SKr53bn.
