AXA RE acquires Microsoft Mobile building in Finland at 5.8% yield

AXA Real Estate has acquired Microsoft Mobile's office property in Espoo, Finland. The investment volume of €64.8 mln reflects a net initial yield of 5.8%.

The vendor was Exilion Real Estate I partnership, managed by Exilion Capital.

Dating from 2001, the 17,000 m2 office property is located at Keilalahdentie 2–4 in in Espoo, near Helsinki. The building changed hands through AXA RE acquiring the shares in its holding company.

The office property is let to Microsoft Mobile on a long-term lease and is part of the Exilion complex acquired from Nokia in 2012. Exilion has retained the ownership of two other office properties as well as the parking garage.

'This transaction is part of the reshaping of our current real estate portfolio. We will continue to make new real estate investments into our current real estate portfolio as well as into new portfolios under management,' said Ari Talja, managing director of Exilion Capital.

Advium Corporate Finance and Krogerus Attorneys acted as advisors to Exilion in relation to the transaction.

Exilion Capital is a company owned by three Finnish institutions specialising in the management of real estate investments. The company manages a limited partnership called Exilion Real Estate I that invests in business and residential premises in the Helsinki Metropolitan Area. The partnership owns office, business and hotel properties with an aggregate market value of about €340 mln.