The portfolio was purchased from Doughty Hanson & Co., one of Europe's largest real estate fund managers, which has owned the assets since securing an eight-property package in 2004. London-based DHC is now harvesting those investments, previously trading four and now marketing the remaining center in western Helsinki.

"Our acquisition of the Finnish retail portfolio has been a great success and we continue to view Finland as an attractive market," says DHC's Nils Styf, who is responsible for the Nordic region. Styf says he believes ING will continue the same level of upkeep as his firm did, with DHC implementing management and value enhancement campaigns at the properties. The company launched a leasing program at one of the Helsinki assets, for example, and readied the second one, Megahersti, for a redevelopment.

Megahersti is a 68,000-sf property located in one of the city's fastest growing residential neighborhoods, while Kluuvi is an 180,000-sf complex anchored by fashion retailer Halonen in Helsinki's central business district. The largest of the three is Oulu's Stockmann property, a 224,000-sf center anchored by one of Finland's best-known retailers.