Cromwell REIT acquires 11 Finnish offices for €113m
Singapore-listed Cromwell European Real Estate Investment Trust (CEREIT) has acquired 11 freehold office properties in Finland for €113.1m.
Cromwell Property Group announced the transaction today, a day after revealing that CEREIT had bought two office properties in the Netherlands for €127.6m.
The 11 Finnish assets are mostly located in the Helsinki Metropolitan Area and have a total lettable floor area of 61,972sqm.
One of the assets is located in Kuopio, a university city in the east of Finland, which Cromwell described as a rapidly growing regional hub.
Tomas Beck, head of Nordics at Cromwell Property Group, said: “We are currently operating in a buoyant office market in Finland, supported by strong domestic demand, job growth and rising consumer confidence.
“These conditions have put upward pressure on rents in high quality, well-located buildings that offer efficiency and connectivity.”