Pbb lends €78m for Helsinki office buy

Fleming Properties, a company set up by independent investment bank, Pareto Securities, has been loaned €78 mln by Deutsche Pfandbriefbank (Pbb) to finance the acquisition of an office in Helsinki, Finland.

Fleming Properties acquired the asset, which dates from the 1920s, for €130 mln. The building comprises 41,000 m2 across two buildings and an underground car park. A refurbishment is underway. The property is occupied on a long lease by SOK, the central organisation of S Group, a leading retail and service company in Finland.

Norbert Müller, head of real estate finance continental Europe West at Pbb, said: ‘We are very pleased to continue to grow our relationship with Pareto and to be able to support them in the acquisition of SOK’s headquarters in Valilla.’

Philip Söderqvist, head of project finance Sweden at Pareto Securities, said: ‘The Finnish market is of strategic importance to us and this acquisition further strengthens our presence in the Finnish real estate market but also increases our position as one of the largest real estate managers in the Nordics. We are looking forward to additional acquisitions together with the team at pbb Deutsche Pfandbriefbank.’

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