The 13 office and retail holdings, running the gamut from 1800s-era redeveloped properties to 2003 product, are located in Stockholm, Oslo and Helsinki. The transaction ends Nordea's real estate divestiture, started two years ago, M. Scott Kipp, principal of Cardinal Capital Partners, tells GlobeSt.com.
"This was an emotional decision for them to sell," Kipp says of talks that began a year ago for a portfolio with a fully leased office component and a 90%-occupied, high-end retail space. The Oslo and Stockholm office locations are Nordea headquarters while the Helsinki property holds back-office functions. According to Kipp, the properties were inherited by Nordea over the years in a buying spree of other banking institutions.
"It's a strategic transaction for us on a variety of fronts," Kipp says of a deal financed with a Citibank loan. "It provides a springboard for us outside the US and inside the US." The 15-year capital group, with an appetite only for sale/leasebacks, took its transactions volume to $5 billion with the deal.
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