Ilmarinen, Finland’s largest property investor, has sold a €116m office building in the capital’s central business district to M&G Real Estate’s open-ended European property fund.
The 11,845sqm office asset, built in 2012 under the €46.3bn pension insurance company’s ownership, is at Alvar Aallon katu 3 in Töölönlahti next to Helsinki Central Railway Station.
The building is currently fully let to four tenants.
Thorsten Slytå, Nordic Region director at M&G Real Estate, said the Finnish economy continued to perform strongly, with consumer confidence rising, unemployment falling and GDP growth easily above the Eurozone average.
“That is why Helsinki is one of the most active destinations in Europe for foreign investment, and why we are so pleased to have secured this excellent opportunity on behalf of our investors,” he said.
Kenneth Nyman, portfolio manager for commercial property investments at Ilmarinen, said: “It has been a very exciting journey […] to develop the so-called Alma Media House from brownfield into a top modern sought-after fully-occupied office complex.”
He said the immediate vicinity had improved over the years with the opening of the Helsinki Music Centre and Helsinki Central Library nearby.
The developed state of the Töölönlahti city district meant it was now time to find a new owner for the property, Nyman said.