Global investor AEW has purchased a mixed-use development in Helsinki city centre from Finnish-listed retail firm Stockmann for €108.6 mln.
The retail and office property, known as Book House, has been acquired for the AEW Europe City Retail Fund. It is the fund's first purchase in Finland.
'We are very satisfied with the divestment process and pleased that the property is transferred to a stable, reliable and professional property owner,' said Björn Teir, director real estate, Stockmann.
'The Book House has an excellent location and a strong tenant situation, which contributed to the sale of the property.'
Situated along the main pedestrian street of Helsinki's CBD, the 8,861 m2 asset stands adjacent to Stockmann's flagship department store. Designed by architect Alvar Aalto and completed in 1969, it is fully let to retail and office tenants including Starbucks, the Academic Bookstore, Stockmann Delicatessen, Isku and Technopolis.
JLL acted as Stockmann's sole advisor in the transaction.
'We are glad that we have been able to successfully assist Stockmann in executing the sale of the Book House building,' said Christian Hohenthal, head of capital markets JLL Finland.
'Properties of this caliber are extremely rarely for sale, and we saw very strong interest from a wide range of investors for this core investment opportunity, highlighting the strong appetite for prime real estate investments in the Finnish market. We arranged a structured sales process through which we managed to achieve a very good result for our client.'
Avance provided Stockmann with legal advice.
photo credit: Kuvatoimisto Kuvio