Australia’s Cromwell Property Group and Goldman Sachs have bought a second portfolio of 27 Finnish properties for €108.5m.
Cromwell said it has joined forces with the US financial services firm to buy the properties located in the Helsinki Metropolitan Area from IVG Polar. Cromwell will assume responsibility for the ongoing asset management of the properties.
The portfolio comprises 27 assets with a total lettable area of 132,000sqm, of which 21 are office properties, three are storage/warehouse properties and three are plots of land, Cromwell said.
Tomas Beck, the head of Cromwell’s Nordics business said: “This is a very interesting portfolio with similar value-add potential to the Omega portfolio that we acquired together with Goldman Sachs in 2016.”
The 109,000sqm Omega portfolio includes 13 office buildings, five industrial buildings and four buildings with primarily retail use.
“We believe there are significant opportunities to create value through the asset management process by employing a number of strategies including re-zoning for residential usage, portfolio restructuring and leasing activity,” Beck said.
The latest transaction also further strengthens Cromwell’s footprint in the Helsinki Metropolitan Area, where it now manages more than 250,000sqm of property, Beck said.