Swiss Life's German asset management arm Corpus Sireo has made its debut purchase in Finland, buying a Helsinki office building for around €28 mln from Cromwell Property Group.
The asset has been acquired for a real estate fund launched by Swiss Life Asset Managers at the end of 2017 which focuses on core and core plus locations in major European cities and regional centres. The fund currently has commitments of €400 mln and further capital increases are planned. Properties in the UK, Finland, Germany and Belgium have already been acquired.
'As part of Swiss Life Asset Managers, we intend to further expand our range of funds for institutional and private investors across borders in 2018,' said Manuel Böcher, head of transaction international, Corpus Sireo Real Estate. 'We are looking for further single assets and portfolios in Scandinavia, the Netherlands and Austria.'
Located in the central business district of the Finnish capital, the asset has a leasable area of 4,842 m2, including 3,798 m2 of offices, and 573 m2 of retail and storage. It benefits from good transport connections, positioned close to the main railway station and the University of Helsinki.
The asset was originally part of the Omega portfolio which Cromwell acquired together with one of its private equity partners in December 2016. At the time it was acquired, the Omega portfolio comprised 109,000 m2 of space across 13 office buildings, five industrial buildings and four buildings with primarily retail premises.
'The local team has successfully increased the attractiveness of the building and sold it at what we believe to be a strong price to a core buyer,' said Tomas Beck, head of Nordics at Cromwell.
The landmark building was designed in 1929 by architect Yrjö Lindegrén and was originally the headquarters of a large pension insurance company. Today there are several retail units on the ground floor while the seven floors above are used as offices. The largest tenant is the Nordic Investment Bank (NIB).
Roschier Attorneys advised on legal matters. Newsec will take over the local property management, while Corpus Sireo Real Estate will look after the building as asset manager.