Hemfosa acquires Cromwell school asset in Espoo

Swedish-listed real estate company Hemfosa has acquired a school building in Espoo, Finland from real estate investor and manager Cromwell Property Group for €23.1 mln.

The property at Itätuulentie 1 is located in the developing area of Tapiola and comprises 7,102 m2 of lettable space over four storeys. It is fully let to educational provider Omnia on a long lease agreement.

'During our one year holding period, we have successfully completed extensive works, where the former office building was converted into a school building,' said Markku Määttä, senior asset manager at Cromwell. 'This sale demonstrates our effective asset management approach and ability to create exceptional value for our investors.'

The building was part of the Henry portfolio, which Cromwell acquired together with one of its private equity partners in June 2018.

At the time of purchase, the Henry portfolio comprised 132,000 m2 of space across 27 properties including 21 office buildings, three storage/industrial buildings and three plots. All properties are located in the HMA region, which includes the cities of Helsinki, Espoo and Vantaa.

Cromwell was advised in the transaction by White & Case.

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