Commerz Real has marked its re-entry into the Finnish market with the acquisition of an office project in Helsinki from Finnish project developer YIT Construction.
Financial details were not disclosed.
The constrution scheme, dubbed Tripla Workery, is part of Finland’s largest urban development project, Tripla. It has been acquired for Commerz Real's open-ended real estate fund Hausinvest.
Following its completion in 2020 the ensemble, which is made up of three office towers, will encompass some 49,500 m2 of leasable space and 500 parking spaces; 64% of the ensemble has already been pre-leased long term.
'The scope and quality of the development of this district is unique not only for Finland, and will contribute to a significant enhancement of what is already a very good location,' said Henning Koch, global head of transactions at Commerz Real.
Tripla Workery comprises the two office complexes, Workery West and Workery East. The 17-storey Workery West encompasses 21,250 m2 of leasable space; Workery East, which is made up of two 15-storey towers, consists of 28,250 m2 of leasable space. The telecommunications provider Telia Finland, the media group Otavamedia and the co-working provider Regus have been acquired as the main tenants, with average lease terms of 12 years. Commerz Real said it was confident that the remaining areas would also be leased out quickly.
'Thanks to the very flexible layout of the areas we can also lease out smaller areas and thus meet all the requirements of the market,' added Koch.
The overall scheme comprises not only Tripla Workery, but also a hotel with 400 rooms, two residential towers with 400 apartments, and what will be one of Finland’s largest shopping centres, Tripla Mall.
Commerz Real was advised on thedeal by law firm Aleksandra Attorneys and transaction consultant Mrec Oy, both of which are domiciled in Helsinki.
