Elo becomes the biggest owner of Jumbo Shopping Centre
Mutual Pension Insurance Company Elo acquired its co-owner Unibail-Rodamco-Westfield’s share of Jumbo Shopping Centre with a transaction realised on 28 February 2019. After the transaction, Elo owns the entire shopping centre, excluding the hypermarket spaces. Elo and its predecessor companies have been investors in Jumbo since its construction. The transaction value is over EUR 200 million.
“Jumbo is already an important regional hub and its neighbouring areas continue to develop briskly as the city of Vantaa invests in the surroundings areas. A significant amount of new residential buildings will be constructed in the Aviapolis area, located north of Jumbo. Furthermore, it is the fastest-growing area of workplaces in Finland,” says Timo Stenius, Director, Unlisted Investments.
With annual sales of more than EUR 400 million, Jumbo is Finland’s largest shopping centre. It has kept its position as the country’s highest-selling shopping centre for several years in a row. The shopping centre has 85,000 square metres of commercial premises for rent, and the annual visitors number approximately 12 million.
“The capital region’s shopping centre market is currently very busy, and, with new ventures and initiatives, competition has intensified. Through active leadership and far-sighted development work, the best shopping centres have a good chance of meeting the changing demands of consumers as well as the change of retail,” assesses Stenius.
2018 was a successful year for Jumbo and increasing competition between shopping centres had no effect on Jumbo’s visitor volumes or sales. Customers now have more than 100 shops at their disposal and new shops are set to open their doors this spring. Together, Jumbo and the nearby Flamingo Entertainment Centre form the most diverse service experience in Finland.
Shopping centres are an important part of Elo’s real estate portfolio. The best shopping centres with the capabilities to answer the challenges of the changing retail market are the focus of these investments. In addition to Jumbo, Elo owns about 25 per cent of Sello Shopping Centre and is also a part owner in other shopping centres.
Timo Stenius, Director, Elo, tel. +358 20 703 5339, timo.stenius(a)elo.fi
Mutual Pension Insurance Company Elo is one of Finland’s largest real estate owners and lessors. We own more than 7,000 rented flats and more than 600,000 m2 of commercial premises. We favour real estate, which is located close to convenient public transport connections and non-motorised traffic routes as well as in city centres and busy junctions, closely integrated with urban structure. Responsibility is a central part of Elo’s daily real estate investment operations. We have made a commitment to decrease the energy consumption of the real estate we own by at least 7.5 per cent by 2025. www.elo.fi