Kamppi, which is considered the leading shopping center in downtown Helsinki, opened in March 2006, and provides about 115,000 sq ft (35,000 sqm) of retail and leisure space over six floors. The property was acquired by Cornerstone for the fund in April 2008.

Charles Weeks, CEO of Cornerstone Europe, said: “The fact that we have been able to refinance Kamppi, significantly ahead of schedule, underlines the high quality of this asset. In addition, the refinancing terms reflect not only the existing value of the asset, but also its enormous potential which we expect to extract and deliver to investors over the coming months and years, through our asset management programmes, building on the annual increases in footfall, sales and net operating income that we have already achieved for our stakeholders. ”

Claus Frogner, First Vice President, International Corporate Banking, Nykredit, said: “Despite being bought just before the onset of the financial crisis, Kamppi has performed well through some challenging years. Nykredit has been associated with Kamppi since it was acquired by the Nordic Retail Fund back in April 2008. Having witnessed a steady improvement in tenant mix, rents and earnings, Nykredit remains very comfortable that Cornerstone will continue to deliver on these parameters. Therefore, Nykredit is pleased to continue to be associated with this key asset in the Nordic Retail Fund following the extension of the financing until September 2017.”

Tuomas Sahi, Country Head - Finland, Cornerstone Europe said: “There are a significant number of asset management projects either in hand, or planned. The latest project being the recent letting to Stadium, the leading Swedish sportswear retailer, for a new 1,400 sqm store on the first and second floors of Kamppi. This newly created unit will drive footfall and reduces the overall vacancy rate to circa 2%. Kamppi is maturing as an asset – new retailers are arriving in Kamppi, shopping zone formats are being created and new rental tones are being set.”