Cromwell, Goldman Sachs acquire €108.5m office portfolio in Helsinki

Australia's Cromwell Property Group has joined forces with US group Goldman Sachs to acquire a portfolio of 27 properties located in the Helsinki Metropolitan Area (HMA) from IVG Polar Oy for €108.5 mln.

Cromwell will assume responsibility for the on-going asset management of the portfolio.

The portfolio comprises 27 assets with a total lettable area of 132,000 m2, of which 21 are office properties, three are storage/warehouse properties and three are plots of land.

'This is a very interesting portfolio with similar value-add potential to the Omega portfolio that we acquired together with Goldman Sachs in 2016,' said Tomas Beck, Cromwell's head of Nordics. 'We believe there are significant opportunities to create value through the asset management process by employing a number of strategies including re-zoning for residential usage, portfolio restructuring and leasing activity. This transaction also further strengthens our footprint in the HMA, where we now manage more than 250,000 m2 of property.'

Cromwell manages €4 bn of real estate assets and investment capacity across its funds and mandates in Europe, comprising 260 assets and 3,100 tenants. In the Nordics Cromwell manages almost €500 mln of real estate assets, managed by the local teams in Copenhagen, Helsinki, Malmo and Stockholm.

JLL acted as sell-side advisor in the transaction.


Latest news

Best read stories