Capman's Hotels II fund has signed an agreement to acquire the Koy Oulun Kuvernööri asset in Oulu city centre, Finland, with the intention of redeveloping the building, currently used as an office, into part of Lapland Hotels Oulu.
As a result of the conversion, the asset will offer 95 rooms and will be connected to the adjacent buildings, creating one larger hotel with 250 rooms and an increased number of restaurants and meeting rooms.
Koy Oulun Kuvernööri is currently a five storied office property located in the city centre of Oulu, Finland, with a lettable area of 5,657 m2. The property is part of the same building complex as Lapland Hotels Oulu, which will also become the operator of the new hotel.
Once completed, the new asset targets environmental certificate level BREEAM In-Use Very Good.
'The Oulu hotel market is very appealing, and we are delighted to be part of further redeveloping Lapland Hotels Oulu. The planned extension will enable the hotel to increase operational efficiency and answer the strong market demand by growing an already very successful hotel concept,' commented Juhani Erke, partner at CapMan Real Estate.
'Our collaboration with CapMan, which started in 2017 and currently covers three of our hotels, has been very well-functioning and we are pleased to be kicking off this new redevelopment project with them as our partner,' said Ari Vuorentausta, CEO at Lapland Hotels.
The acquisition is expected to close and the redevelopment to start in one years’ time once official authorisations have been obtained.
CapMan Real Estate manages €4.2 bn in real estate assets and the Real Estate Team comprises over 70 real estate professionals located in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo and London.
