Carlyle Group has acquired 30 office properties from Finnish insurance group Tapiola for EUR 216 mln. The global private equity firm said it seeks to increase its exposure to the Nordic real estate markets where yields are higher than in other countries. 'The relatively high yields compared to other mature European markets makes Finland an attractive country for investors', Carlyle said.
Carlyle Group has acquired 30 office properties from Finnish insurance group Tapiola for EUR 216 mln. The global private equity firm said it seeks to increase its exposure to the Nordic real estate markets where yields are higher than in other countries. 'The relatively high yields compared to other mature European markets makes Finland an attractive country for investors', Carlyle said.
The properties are located in large and mid-sized cities with a concentration in the wider Helsinki area. They provide a total of 140,500 m2 of total leasable area mostly let to Tapiola. Carlyle Europe Real Estate said it will redevelop the properties to increase the occupancy rate.
'These Finnish properties are just in line with our investment strategy of identifying attractive properties with potential for improvements,' said Thomas Lindstrom, managing director of Carlyle. 'Our ambition is to further increase occupancy and take advantage of the good prospects for redevelopment'.
Carlyle was advised by Jones Lang LaSalle.
Carlyle entered the Finnish market last summer with the acquisition of four buildings in Helsinki from the Pension Fund of Finnish Broadcasting Company, YLE. 'The Finnish real estate market has a promising future reflecting the strong growth in the Finnish economy', the company said.
