Wereldhave NV agreed to sell the Itis shopping center in Helsinki for a gross price of €516 million to a fund advised by Morgan Stanley Real Estate Investing, marking the Dutch retail real estate investment trust's exit from Finland.
The price reflects an 8.5% markdown from the asset's June 30 book value, according to a release.
The disposal is part of Wereldhave's plan to focus on convenience centers. Following the sale of Itis, the REIT's portfolio will comprise 29 properties across Belgium, France and the Netherlands.
Also as a result of the transaction, Wereldhave expects its single-asset exposure to drop to 7% from 15% of its portfolio.
The REIT forecasts a direct result per share for 2018 of between €3.30 and €3.35, down from its previous guidance of between €3.33 and €3.38. The company expects to maintain its dividend at €2.52 per share for 2018 and 2019.