The CCP 5 long-life core-plus fund advised by Tristan Capital Partners has acquired two interconnected modern office buildings in Aviapolis, next to Helsinki Airport in Finland, for over €34 mln.
Vendor Union Investment said that the sales price is above the most recent expert valuation for both properties.
Aviapolis is an established business area within the Vantaa district surrounding Helsinki Airport and located in the country’s prime logistic area. The offices, Plaza Pilke and Plaza Hehku, are 95% leased and provide around 11,000 m2 of space.
They were bought by Union at the end of 2010 and 2011, and have been held in the UniInstitutional European Real Estate institutional open-ended real estate fund for the past few years.
The deal represents the first acquisition in Finland for the Tristan fund. 'The Finnish economy has been experiencing a late recovery cycle since 2016,' said Anne-Jan Jager, director at Tristan Capital Partners. 'Strong economic growth is being supported by inward international investment and domestic and foreign migration, particularly into the Helsinki region. We believe that these positive macro developments will continue to increase office tenant demand and rents for modern, high-quality office space.'
Catella Property brokered the transaction on behalf of the vendor. Tristan Capital and business partner Trevian were advised by Borenius Attorneys.