AXA Investment Managers - Real Assets (AXA IMRA) has completed the acquisition of the Kluuvi retail and office asset in the centre of Helsinki, Finland, on behalf of one of its clients.
Financial details were not disclosed.
Located in the heart of Helsinki’s CBD, the 18,600 m2 seven-storey asset was bought from CBRE Global Investors. It is spread across five separate buildings, with interconnected floors between the basement level and third floor, which comprises the 10,200 m2 retail element of the scheme, known as Kluuvi. The well-let office premises are located from the third to seventh floors, accounting for 39% of gross lettable area.
The centre was acquired in 2007 on behalf of the CBRE Nordic Property Fund, a fund launched in 2006. It has undergone renovations in recent years to modernise the retail element as well as enhance the office space, façade and internal ventilation systems. It comprises 38 retail and office units, which are 91% let to a range of retail tenants and office occupiers, with underground parking for 107 cars.
AXA IMRA has worked together with the Nordic investment manager Cavendo on this transaction. Cavendo will assume the role of operating partner and will be involved in implementing the business plan.
Fredrik Söderlund, Country Head, Nordics at AXA IM - Real Assets, commented: 'This acquisition further demonstrates our confidence in the Nordics real estate market, which continues to present potential attractive investment opportunities across an increasingly broad range of asset classes that allow us to diversify our sector exposure to this robust region, as we look to create maximum value for the benefit of our clients.'
Andreas Norberg, head of Investment Operations Nordics added: 'We have completed the business plan for the asset and the strong market conditions in Finland have provided a good timing for its disposal. At the same time we will continue our active search for new investment opportunities in the Nordics for our clients.'
CBRE & Roschier advised CBRE Global Investors.
