2006-02-16 15:37Press release

Niam Fund III completes a significant transaction

Niam Fund III together with Crown Asset Management has today signed agreements concerning one of the largest-ever property transactions in Finland. The joint company Niam Retail Holding Finland AB has acquired a property portfolio comprising 92 properties from the Finnish trading company Kesko and Kesko Pension Fund. The properties are located throughout the country.

Niam Fund III together with Crown Asset Management has today acquired 92 retail properties with a combined area of 191,000 m2 from Kesko and Kesko Pension Fund. The portfolio comprises retail properties leased to Kesko’s trading divisions. The properties are located throughout Finland.

“We see this transaction as the first building block in a major retail portfolio in Finland, which we will build up in partnership with Crown,” comments Per Johannesson, Managing Partner at Niam. “We already have a successful partnership in Sweden and we plan to expand this partnership throughout the Nordic and Baltic region.”

Crown, which has great experience of managing and structuring major property holdings, will act as Asset Manager for the properties. Crown’s previous operations include driving the creation of the Swedish property companies Amplion and Crown Fastigheter.

“It is exciting to be entering the retail market in Finland at this time and we are looking forward to working with Kesko,” says Bo Sandberg of Crown Asset Management. “We already have long experience of this market segment in Sweden and see great opportunities to take advantage of this knowledge in developing the portfolio together with Kesko.”

Advisors to the purchasers were Newsec and Castrén & Snellman.

Niam Fund III already owns properties in Finland valued at around EUR 100 million and intends to invest at least EUR 500 million in Finland.

About Niam AB

Niam, founded in 1998, is a leading private equity real estate firm in Northern Europe. Our head office is located in Stockholm, Sweden, and we have local offices in the Nordic capital cities of Oslo, Helsinki and Copenhagen. Niam has one of the largest real estate teams specifically focused on the Nordic Region. We recognize that our core strength is our people and our success is dependent upon attracting and developing the top real estate professionals in the region. Simply stated…Niam is people. Niam strives to be the Partner of Choice for Nordic real estate. Our network encompasses strong relationships that extend over decades with leading global institutional investors, European banks, tenants, municipalities and the local community. Our top managers average over 26 years of direct real estate experience. It is this collection of knowledge that makes Niam the Partner of Choice.