Asset manager M&G Real Estate has acquired an office building in Helsinki from Finnish pension fund-insurer Ilmarinen for around €116 mln.
The property will be added to M&G's European Property Fund.
Alvar Aallon katu 3 is an 11,845 m2 office building with 43 underground parking spaces located in the Töölönlahti submarket next to Helsinki Central Railway Station in the city’s central business district.
The property was built in 2012 and is fully let to four tenants including media house Alma Media and fibre material and solutions company Ahlstrom-Munksjö.
Kenneth Nyman, portfolio manager for commercial property investments at Ilmarinen, said the Töölönlahti city district area is ‘a superb mix of modern HQ offices and high quality cultural supply’. It was ‘time to find a new home for the well-running office property’, he noted, adding: ‘We are particularly pleased that M&G turned out to be selected one in the auction process.’
Thorsten Slytå, director of Nordic Region at M&G Real Estate, commented: ‘The Finnish economy continues to perform strongly, with rising consumer confidence, falling unemployment, and GDP growth comfortably above the Eurozone average. That is why Helsinki is one of the most active destinations in Europe for foreign investment, and why we are so pleased to have secured this excellent opportunity on behalf of our investors.’