Finnish group buys Swedish hotels

British real estate group Northern European Properties (NEPR) said Friday it had sold 39 hotels in Finland and Sweden to the Finnish investment fund CapMan for 805 million euros ($1.12 billion).

The sale covers several luxury hotels in Finland, such as Crowne Plaza in Helsinki, and the Holiday Club at the Aare ski resort in northwest Sweden.

Northern European Properties, based on the isle of Jersey, said it had sold the properties in order to concentrate its activities in Russia and the Baltic states.

CapMan was created in 1989 and now manages diversified assets worth about 3.0 billion euros.