NREP has acquired the landmark Eteläesplanadi 2 office building in Finland’s capital from Allianz for an undisclosed amount.

NREP said it plans to enhance the property’s service concept and undertake an ongoing investment programme.

The Eteläesplanadi 2 building, which was completed in 1912, served as the head office of the Finnish paper and pulp company UPM up until 2013. The historic building also features a restaurant and underground parking.

NREP said the acquisition of the 14,500sqm building in Helsinki forms part of the firm’s strategy to grow its sustainable office portfolio, “focusing on high-quality properties in strong locations”.

The €18bn asset manager said the “strategy focuses on the Nordic markets, where the office sector has remained more resilient than many other European capitals”.

NREP invests in both standing office assets and new developments, operating them under their flexible workspace brands Woods.

Joonas Lemstöm, Finland country lead at NREP, said: “Eteläesplanadi 2 is a historically notable building, it aligns perfectly with our strategy which is to offer high-quality offices in the strongest central locations, and where we can provide today’s modern occupiers with much needed sustainable, flexible and quality workspace, alongside a full-service offering.

“Our goal is to upgrade the quality of this unique building to create an exceptional product for our customers. We aim to develop one of the most appealing offices in Helsinki CBD for leading corporates from a broad variety of sectors.”

Toke Clausen, director of office investments at NREP, said: “Our Office segment is growing, and we now manage close to 100 properties. We see clear demand for modern, well-located and sustainable workplaces, and we want to become a leading provider of high-quality and flexible office spaces.

”With this acquisition, we now have four significant office properties in the Helsinki Metropolitan region.”

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