Aareal Bank has financed the new Kamppi shopping centre in Helsinki for €160m.

Finnish developer SRV Viitoset is building the 33,000m? shopping centre, which is scheduled for completion in 2006.

"Scandinavia has become one of Aareal Bank's core markets," said board member Ralph Hill, adding that the bank aims to expand its activities in Finland. The bank's Scandinavian loan book is worth around €3bn.

In a separate move, Aareal said it has placed around two thirds of its Aareal EuroLogistics Fund with institutional investors. The fund, launched last year, has €175m in equity and aims to invest about €500m in logistics around Europe, with a strong focus on Germany.

Aareal promises investors a return of more than 13%. The fund will mature in ten years.