Press release -
Alma Property Partners sells Ideapark Oulu Shopping Center
Alma Property Partners has sold the 24,000 sqm Ideapark Oulu local retail center to UB Nordic Property Fund (AIF), a fund managed by UB Asset Management.
Alma Property Partners acquired Ideapark Oulu in 2016 and has developed, together with Avant Asset Management, the shopping center over the past five years. During Alma’s ownership, significant leasing work has been done to strategically position the shopping center to ensure its appeal to its core customers. The shopping center is fully let and has been showing strong performance and resilience throughout the past 18 months. Ideapark Oulu is currently showing record footfall and sales.
During Alma’s ownership, approximately 30,000 sqm of new or renewed leases were signed and significant investments were made to deliver improved retail, food and living services to the local population. “We have focused on finding a combination of new and attractive brands to introduce to the Oulu market and providing a broader range of services to the customers. During 2020, we made significant investments in the customer areas to improve the shopping experience and we built a new playground for children,” says Robert Landtman, Head of Finland at Alma Property Partners.
Some of the new tenants that were introduced to Ideapark Oulu include a healthcare service point operated by the city of Oulu and a new package service point operated by Posti. There has also been an increase in the food and beverage offering with new tenants Burger King and Espresso House, among others. “During our ownership, sales have increased by 30% and footfall has reached record levels,” Robert Landtman continues.
“This successful divestment is a testament to one of our key strengths, which is a focus on leasing activities. Our Asset Management Partner model once again proved efficient in an investment case where some heavy lifting was involved. In a market that has been challenging for many shopping centers, we have been able to lease or renew approximately 30,000 sqm of space, significantly increase NOI and deliver highly attractive returns to our investors. With the Oulu sale, we have now completed a full exit of four of our ten investments in Alma Fund I,” comments Simon de Chateau, Chief Investment Officer at Alma Property Partners.
Alma Property Partners is a real estate investment company focused on the Nordic Region. Alma Property Partners manages two opportunistic funds, Alma Property Partners I AB and Alma Property Partners II AB, with a total of ca. EUR 400 million in equity commitments. The company is built on the principles of active ownership and strong alignment with investors and is therefore fully owned by senior team members that work actively within the company. The team has extensive experience and a strong track record in Nordic real estate investment and asset management. Alma Property Partners aims to become the leading Nordic real estate investment company and the partner of choice for institutional investors seeking real estate exposure in the Nordic Region. For more information, please visit almaproperty.se.