Finnish investment fund, Special Investment Fund eQ Finnish Real Estate, has purchased an office in Helsinki from Patrizia Immobilien for €41 mln.
Constructed in 2001, Itämerenkatu 5 is a multi-let office building located in the Ruoholahti office district, close to Helsinki city centre, with over 8,800 m2 of lettable space.
Following the acquisition of the property in July 2016, Patrizia said it undertook an extensive asset management programme, including energy efficiency improvement works and a full refurbishment of the restaurant and lobby, before reletting much of the asset. The property furthermore achieved a LEED Gold Certificate in August 2017.
'We have transformed this property into a desirable office location in Helsinki and believe that now is the right time to take advantage of market conditions and to crystallise the value we have created,' said Essi Sten, country manager and head of asset management Finland at Patrizia.
'We still hold over 55,000 m2 of leasable space in Finland, which largely comprises offices within the Helsinki Metropolitan Area, and are actively looking to acquire more assets across multiple sectors, where we see an opportunity to drive income and values.'
Patrizia currently has €14.5 bn of offices under management across Europe.
Patrizia was advised by Hannes Snellmann (legal), PwC (financial) and JLL (commercial).