Nordic private investor CapMan Real Estate has acquired the historic Cavonius building, an office and retail property situated on Pohjoisesplanadi in Helsinki, Finland.
Financial details were not disclosed.
The 2,300 m2, city centre property represents CapMan's thirteenth acquisition for its €425 mln Nordic Real Estate II fund, raised in 2017.
'We are very pleased with the acquisition of this exclusive property. Such properties located in the absolute heart of the Helsinki central business district are rarely available,' said Sampsa Apajalahti, investment director at CapMan Real Estate.
'This unique property is perfectly in line with the investment strategy of CapMan Nordic Real Estate II fund. The property is almost fully let and provides excellent possibilities to further develop it for future business and commercial needs,' Apajalahti added.
Originally designed by Carl Ludvig Engel and constructed in 1820, the building is one of the oldest in Helsinki's city centre. Extended between 1882 and 1883, the four storey building has since been refurbished and modernised.
The asset also marks the third deal for CapMan's City Pearls portfolio, which focuses on 'prime and unique' office and retail properties in central Helsinki, according to the firm. The other two properties, acquired in autumn 2018, were the central Helsinki office properties, Pieni Roobertinkatu 11 and Korkeavuorenkatu 30.
CapMan’s current real estate volume under management is over €2.5 bn.
