Finnish fund eQ acquires repurposed Helsinki care asset

Finnish special investment fund eQ Care has acquired a healthcare property in Pitäjänmäki, Helsinki from local value-add fund Elite Kiinteistökehitysrahasto I.

Financial details were not disclosed.

The property, located at Konalantie 6-8, has been recently renovated for care use and has a leasable area of approximately 10,000 m2, said JLL, advisors to Finnish asset manager Elite Alfred Berg.

Current tenants in the asset include the City of Helsinki’s healthcare station, private healthcare operator Mehiläinen’s care home and a K-Market grocery store.

By spring 2020, premises for another care home operator and a private day-care centre will be completed on the site. Reforma Property Development Oy was responsible for project management and commercial development of the property.

'Our real estate value add fund has carried out several profitable development projects in recent years, of which the currently sold property is the largest,' said Jaakko Ristola, head of real estate investment management at Elite Alfred Berg.

'We are pleased that this exceptionally large care property has received a long-term care-focused owner after a four-year development project,' added Ristola.

'The focus of the eQ Care special investment fund is long-term property ownership, enabling us to offer our tenants appropriate premises and sustainable co-operation,' said Jennifer Eloheimo, investment director at eQ Care.

JLL acted as Elite Alfred Berg’s commercial advisor. Bird & Bird provided legal advice.

 

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