CORPUS SIREO Real Estate has bought a commercial building in Finland’s capital city for a real estate fund launched by Swiss Life Asset Managers.
The asset manager said it bought the building in the business centre of Helsinki from an institutional investor for around €28m.
The asset will be added to an institutional real estate fund launched at the end of 2017 that invests in core and core plus locations in major European cities and regional centres.
Manuel Böcher, the head of international transaction at Corpus Sireo Real Estate, said: “As part of Swiss Life Asset Managers, we intend to further expand our range of funds for institutional and private investors across borders in 2018.
“We are looking for further single-assets and portfolios in Scandinavia, the Netherlands and Austria”.
The building, which was erected in 1929 on 848sqm of land in Kaisaniemenkatu 13, has a leasable area of 4,842sqm, including 3,798 for offices, 573 square meters for retail and other areas, including for storage purposes.
With the new real estate fund at the end of November 2017, Swiss Life Asset Managers added a pan-European product for institutional investors to its existing range of funds.
As part of the launch, the fund is to receive up to €400m, and further capital increases are planned.
The investment focus is on the core European markets Germany, France, Austria and Benelux; the target regions also include the UK, Scandinavia and Southern Europe.