Helsinki resi project trades for €100m

German investor Union Investment has acquired the Atlas project in Helsinki, Finland, from Nordic construction and project development company Skanska.

Union is paying €100 mln for the asset, which is earmarked for its Unimmo: Global open-ended fund.

The 33-storey residential tower will comprise 288 apartments and three retail units on the ground floor, for a total rentable space of 15,952 m2.

Union Investment first entered the Finnish residential property market earlier this year by purchasing the neighbouring Hyperion tower, which is also being developed by Skanska. The Atlas project has likewise been acquired by way of forward funding and is scheduled for completion by the fourth quarter of 2024.

'As the final components of the Dolphin Block development scheme, Atlas and Hyperion will complete the southern part of the established Vuosaari residential area. Given existing excess demand, the prominent location and the high planned level of construction quality, we rate the letting prospects for both residential towers as very good,' said Martin Schellein, head of Investment Management Europe at Union Investment Real Estate.

'Development of the tower blocks in Vuosaari has been interesting and rewarding. Atlas is the tallest building Skanska has built in Finland. I am pleased that our cooperation with Union Investment continues along with this new project,' said Jukka Haaparanta, project development director at Skanska.