Niam sells the Stockmann department store in Turku

Niam has sold the Stockmann department store located at Yliopistonkatu 22 in Turku to the Finnish real estate fund CapMan RE II.

The property comprises 12 700 sq m and is fully let to the Finnish department store Stockmann.

The property was part of a portfolio which Niam Fund III and the Whitehall Street Real Estate Funds acquired from the Finnish real estate company Sponda in February of this year.

The transaction also includes a shopping center in Turku, which is fully leased by several tenants.

Johan Bergman, Managing Director of Niam, comments: “We are very happy about this deal and will continue to actively manage with Whitehall the portfolio we bought from Sponda.”

The closing will take place on January 11, 2008.