AXA Investment Managers - Real Assets has bought the Kluuvi retail and office asset in Helsinki for an undisclosed sum.
The asset manager said it acquired the 18,600sqm seven-storey asset, in the Finnish capital, from CBRE Global Investors.
CBRE GI bought the centre in 2007 on behalf of the CBRE Nordic Property Fund, a fund launched in 2006.
The asset is spread across five separate buildings, with interconnected floors between the basement level and third floor.
AXA IM - Real Assets said it worked together with the Nordic investment manager Cavendo on this transaction. Cavendo will assume the role of operating partner and will be involved in implementing the business plan, it said.
Fredrik Söderlund, the country head, Nordics at AXA IM - Real Assets, said: “This acquisition further demonstrates our confidence in the Nordics real estate market, which continues to present potential attractive investment opportunities across an increasingly broad range of asset classes that allow us to diversify our sector exposure to this robust region, as we look to create maximum value for the benefit of our clients.
“We believe that the asset’s prominent location in one of Helsinki’s most sought-after retail and office locations, coupled with the wider economy’s continued robust performance, provide us with an opportunity to enhance both income and value through asset management on behalf of our client.”