Cereit acquires 11 office properties in Finland

Cromwell European Real Estate Investment Trust (Cereit) has acquired 11 properties in Finland for €113.1 mln.

The freehold office assets will be managed by Ceriet’s sponsor, Cromwell Property Group, through its European investment asset management platform.

'We are currently operating in a buoyant office market in Finland, supported by strong domestic demand, job growth and rising consumer confidence,' said Tomas Beck, head of Nordics at Cromwell Property Group in Europe.

'These conditions have put upward pressure on rents in high quality, well-located buildings that offer efficiency and connectivity.'

Predominantly located in the Helsinki metropolitan area, the 11 Finnish office assets have a total lettable floor area of 61,972 m2 and are let to a range tenants from various industries. One of the assets is located outside of Helsinki in up-and-coming urban area Kuopio.

The deal follows Cereit's announcement last year of a raft of planned European transactions, including assets in France, Italy, the Netherlands and Poland.

In the Netherlands, Cereit acquired two office buildings just before year-end for a combined €127.6 mln.

The assets are located in Utrecht (Moeder Teresalaan 100-200) and Den Bosch (Willemsplein 2) and comprise 21.922 m² and 31.979 m² of rentable space respectively. UWV is a tenant in Moeder Teresalaan.

The buildings are managed by Cromwell Property Group via its European investment asset management platform.



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