Hemfosa Fastigheter has bought a €23.1m school office property in Finland from Cromwell Property Group.
The Swedish listed real estate company said it bought Itätuulentie 1 in the Tapiola district of Espoo to help “strengthen Hemfosa’s position in the Finnish market for community service properties”.
The four-storey office building comprises 7,102sqm of lettable space and is fully let to Omnia on a long lease agreement.
Cromwell said the building was part of the Henry portfolio, which it acquired together with one of its private equity partners in June 2018.
Anna Alsborger, head of transactions of Hemfosa, said “The acquisition strengthens Hemfosa’s position as a landlord for Finnish municipalities, which is important for further growth in community service properties in the country.
“Hemfosa aims to increase its growth rate in Finland and sees good potential for additional acquisitions moving forward.”
Markku Määttä, senior asset manager at Cromwell Property Group, said: “During our one year holding period, we have successfully completed extensive works, where the former office building was converted into a school building.
“This sale demonstrates our effective asset management approach and ability to create exceptional value for our investors.”