Castellum makes Finnish entry with €81m office buy

Swedish listed property group Castellum has entered the Finnish property market with the purchase of a 14,400 m2 office building in central Helsinki.

Castellum is acquiring the fully-let Salmisaarenaukio 1 building, in the Ruoholahti office-block area of Helsinki, from Skandia Fastigheter. The asset provides annual rents of €5.0 mln with an average remaining lease term of 3.1 years.

Major tenants are Nokia Corporation and energy group Fennovoima.

The new owner will manage the asset from Sweden, although plans are to establish a local team in Finland going forward.

Castellum said that it will finance the acquisition through existing, unused credit.

'Through this acquisition in Finland, it’s gratifying to note that Castellum is taking the next step in our strategy to grow and establish ourselves in several Nordic growth areas. We aim to be one of the major commercial real estate owners in Helsinki,' said Castellum's CEO, Henrik Saxborn.

JLL advised the company on the deal.


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