In Helsinki, Finland, Boultbee has sold Kamppi Shopping Centre to Protego Real Estate Investors’ Nordic Retail Fund for €452.5m in the largest single asset transaction in Europe so far this year. The price reflects a net initial yield of 4.5 per cent, increasing to 6.0 per cent in 2012.

Boultbee bought the 40,000-sq m centre, with over 140 shops, 26 restaurants, a bowling alley and a nightclub, two years ago for €350m. co-owner Steve Boultbee Brooks said: “Kamppi Shopping Centre has been an excellent investment for Boultbee. In the two years since opening, Kamppi has developed a reputation as a centre of retailing excellence in Helsinki, generating an annual turnover of €190m from over 30m visitors annually.”

The company will continue to manage the property on behalf of the new owners through its management arm EFM. Protego was advised by Cushman & Wakefield and Boultbee by Michael Elliott.

And in Russia the Livingstone brothers’ London & Regional Properties has sold two shopping centres in Moscow - Sun Paradise I and Sun Paradise II - to Finnish property group Sponda for $109m.

The 9,000–sq m Sun Paradise I, built in 2004 in the Moscow suburb of Solntsevo, was purchased for approximately $66m. And the 6,500-sq m Sun Paradise II, which was completed in 2005 in Ramenskoe, fetched approximately $43m. Both shopping centres are fully leased.

Jones Lang LaSalle advised the vendor and James Corrigan, director and head of retail capital markets Russia said: “This transaction is significant not only because it is the first of the year, but because it is the first transaction where a foreign investor, London & Regional, has acquired a retail property and is now selling to another foreign investor, Sponda. This is evidence that the investment market in Russia is maturing.”

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