Union acquires Aura office project in Helsinki

Union Investment has acquired the Aura office development in Helsinki's Ilmala district for an undisclosed amount.

The project was purchased on behalf of the UniInstitutional EuropeanM open-ended real estate special fund from the Finnish project developer and general contractor Hartela Etelä-Suomi Oy, which will construct the building by June 2024.

‘Helsinki is a metropolitan region with a high wealth factor and an economically strong macro location. The vacancy rate at the Ilmala location is less than one per cent. Together with the attractive design and architecture of the building, this means that the conditions are ideal for good, long-term letting,’ said Kubilay Özbisikletci, senior investment manager Nordics at Union Investment.

The asset will comprise 11,500 m2 of lettable space, about 9,000 m2 of which is office space distributed from the ground floor to the 5th floor. The rest is retail and restaurant space as well as a fitness studio. However, these spaces can be converted into office space without changing the building plan. In the basement there are 97 physical parking spaces or 121 parking rights and 80 bicycle parking spaces. LEED Gold certification is planned.

The 3rd to 5th floors have already been leased for 15 years to a state-owned company.

With the acquisition, Union Investment's Finland portfolio grows to a total of 11 properties and a volume under management of around €730 mln. It consists of eight office buildings, one retail building and two residential properties located in Helsinki and the neighbouring cities of Espoo and Vantaa respectively.

Union Investment was legally advised by Aleksandra Law.

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