Cromwell Property Group has announced the sale of Stella Terra, Espoo, and Kumpulantie 5, Helsinki, Finland, to the Finnish property firm Antilooppi for a total of €43.1 mln.
Both office buildings were part of the 22-property strong Omega portfolio, which Cromwell acquired together with Goldman Sachs in December 2016.
Stella Terra is a modern multi-let office building in Leppävaara with a lettable area of 9,183 m2. Kumpulantie 5, built in 1985, is a multi-let office building comprising 8,539 m2 of lettable area and is located in Vallila, close to the Tripla development in the district of Pasila.
'These latest sales from the Omega portfolio follow the disposal last week of the Kaisaniemenkatu 13 office building to Swiss Life from the same portfolio. To have sold three assets in quick succession demonstrates the effectiveness of our active asset management approach and Cromwell’s ability to create exceptional value for its investors,' said Mikael Pehrsson, investment manager at Cromwell.
At the time it was acquired, the Finnish Omega portfolio comprised 109,000 m2 of space across 13 office buildings, five industrial buildings and four buildings with primarily retail premises.
Cromwell was advised on the transaction by Nordanö and Borenius.