Cordea Savills' Pan European Property Fund has acquired a 12,000 m[sup]2[/sup] office building in Finland for an undisclosed amount. The building, located in the city of Hyvinkaa, north of Helsinki, is entirely let to Finnish electric group Elektroskandia OY. The transaction reflects a net initial yield of 8,2%.
Cordea Savills' Pan European Property Fund has acquired a 12,000 m2 office building in Finland for an undisclosed amount. The building, located in the city of Hyvinkaa, north of Helsinki, is entirely let to Finnish electric group Elektroskandia OY. The transaction reflects a net initial yield of 8,2%.
Cordea Savills recently established an office in Stockholm as part of its expanding European infrastructure. The new office has responsibility for the Nordic region and the Baltic states, both in terms of investment activities and servicing local clients.
Additionally, Cordea Savills said it has secured two debt facilities for its German Retail Fund with a leading European mortgage bank. The fund manager said 'the facilities offer extremely competitive financing despite the global credit crisis'. The first facility is a long-term mortgage facility of up to EUR 250mln. The second provides greater flexibility as a bridging acquisition facility of up to EUR 175mln.