AFIAA has bought a prime Helsinki office asset from CBRE Global Investors’ Nordic Property Fund.
The foundation, owned by 34 Swiss pension funds, bought the central business district Brondankulma property, the seller said.
The 8,230sqm property is 61% let to tenants including law firm Hannes Snellman, which took 4,100sqm this year. The Eteläesplanadi 20 asset includes ground floor retail.
CBRE Global Investors said the property, refurbished last year, was in one of the Finnish capital’s ”most prestigious addresses”.
Rik Eertink, country manager Nordics, said the investment manager’s plan had always been to sell once letting of the asset on long lease terms was complete.
“The asset has been broadly marketed and we are confident that we have realised the best sales price for our investors and AFIAA has secured a prime asset with a strong tenant base.”
AFIAA entered into a partnership with specialist manager Avadis in October.
The two institutions will pool direct real estate investment resources and run CHF4bn (€3.31bn) of assets.
AFIAA’s management moved to Avadis as part of the agreement. Zurich-based AFIAA’s portfolio will remain unchanged, with a focus on direct global real estate investments.