Commerz Real buys Finnish office scheme for EUR 124m

Commerz Real said it has bought the 'Swing Life Science Center' office scheme in Helsinki for around EUR 124 mln, marking the German property manager's entry into the Finnish market. The seller is the Etera Mutual Pension Insurance Company.

Completed in 2008, the complex comprises five interconnected buildings with a gross lettable area of about 32,100 m². The acquisition is earmarked for the open-ended HausInvest Europa real estate fund. The property is currently 90%-let, with the remaining lease terms averaging seven years. The residual floor space is secured through rent guarantees given by the seller.

'With this acquisition in Helsinki, we have made our market entry in Finland. It contributes to the ongoing geographic diversification of our real estate portfolio. In connection with our commitment in Sweden, the share of Nordic investments will increase to 6%,' said Hans-Joachim Kühl, member of Commerz Real’s management board and in charge of real estate acquisitions.