Aberdeen sells hotel property in Helsinki

Aberdeen Real Estate Fund Finland (AREFF) has sold an Helsinki hotel and retail to a fund managed by VVT Kiinteistösijoitus.

The investment volume was not disclosed.

Under Aberdeen’s ownership, the 7,000 m2 site at Siltasaarenkatu 14 was renovated. Originally an office property completed in 1959, the renovation saw a change of use to create retail space and a hotel. The renovation was completed in 2010 with the main tenants being Finnish hotel chain Restel Cumulus, and fashion retailers Seppälä and Lindex.

Aberdeen Real Estate Fund Finland is a valued-added private equity real estate fund, which is tailored to three institutional investors: Finland's Ilmarinen, ABP of The Netherlands)and ATP of Denmark. The fund's property portfolio is valued at €450 mln.