Tristan Capital Partners’ long-life core-plus fund has bought its first Finnish assets for €34m.
The pan-European investment manager’s €800m CCP 5 fund acquired the two interconnected modern office buildings in Aviapolis from Union Investment.
The 11,000sqm offices, Plaza Pilke and Plaza Hehku are 95% leased. Trevian Asset Management will act as local asset manager.
Anne-Jan Jager, a director at Tristan Capital Partners, said: “The Finnish economy has been experiencing a late recovery cycle since 2016. Strong economic growth is being supported by inward international investment and domestic and foreign migration, particularly into the Helsinki region.
“We believe that these positive macro developments will continue to increase office tenant demand and rents for modern, high-quality office space.”
Risto Vuorenrinne, an investment director at Trevian Asset Management, said: “The Aviapolis area has become an even more important and attractive office location in Finland, with residential, hotel, retail, office and logistics developments leading to increase in office demand.
”Both properties are almost fully leased, and their tenants represent both Finnish and international companies, for whom the proximity of transport connections is very important. We are excited to start this collaboration with Tristan as a highly respected partner.”
Union Investment, which acquired the office buildings at the end of 2010 and end of 2011, held them in its institutional open-ended real estate fund UniInstitutional European Real Estate.