BlackRock Real Assets has expanded its investment in the Finnish office market with the acquisition of a 9,632sqm assets in Helsinki.
The investment manager said it has bought the vacant office building located in the central business district of Helsinki for a fund.
Financial details were undisclosed.
Thomas Mueller, the managing director, BlackRock Real Assets: “The acquisition of the building is in line with our strategy to invest in well-located office properties with value creation potential in markets undergoing positive structural change and with strong occupier fundamentals.
“This acquisition is an opportunity to further increase the fund’s Nordic footprint, a region characterised by strong macro and demographic fundamentals as well as a high level of stability.”
Victor Persson, the vice president of BlackRock Real Assets, said: “We are pleased to be making our second investment in the Helsinki office market in a short time frame, a market driven by improved macroeconomics and strong tenant demand for good office space.
“We look forward to working with Trevian and the City of Helsinki to transform this historically valuable building into modern high-quality office space without compromising its heritage.”
BlackRock acquired its first property acquisition in Finland – an office building in Ruoholahti, Helsinki last month.