We advised a fund managed by Morgan Stanley on the purchase of the Itis shopping center from Wereldhave N.V.
The net purchase price of the shopping centre, including the deferred tax liability, is EUR 450 million, reflecting a gross price of EUR 516 million. The transaction is scheduled to close in December 2018, subject to the completion of the Finnkino development project and antitrust approval.
In addition to legal due diligence and other legal advisory pertaining to the acquisition itself, our assignment also included the provision of legal advice on financing arrangements, merger and anti-trust clearance procedures, the evaluation of tax consequences, and planning the structure of the acquisition.
Morgan Stanley Real Estate Investing (MSREI) is the global private real estate investment management arm of Morgan Stanley.
The Itis shopping center, located in East Helsinki, is one of the largest shopping centers in the Nordic countries. The property is over 100,000 sqm in size and comprises more than 150 shops and office spaces spread over five floors. Itis is the first investment made by Morgan Stanley in a commercial property in Finland.