eQ Finnish property fund buys Patrizia's Itämerenkatu 5 office asset in €41m deal
A Finnish real estate fund managed by eQ has acquired an office building from Patrizia Immobilien in a €41m deal.
Patrizia said it has sold the Itämerenkatu 5 office building in Helsinki to Special Investment Fund eQ Finnish Real Estate.
Constructed in 2001, Itämerenkatu 5 is a multi-let office building with over 8,800sqm of lettable space.
Patrizia said it acquired the asset in July 2016 and undertook an extensive asset management programme.
Essi Sten, the country manager for Patrizia in Finland and head of asset management, said: “We have transformed this property into a desirable office location in Helsinki and believe that now is the right time to take advantage of market conditions and to crystallise the value we have created.
“We still hold over 55,000sqm of leasable space in Finland, which largely comprises offices within the Helsinki Metropolitan Area, and are actively looking to acquire more assets across multiple sectors, where we see an opportunity to drive income and values.”