Australian real estate investor and manager Cromwell Property Group has announced the sale of a 6-asset portfolio, including four office buildings and two unbuilt plots in the Helsinki Metropolitan area, to a fund managed by EAB Group.
The assets were part of the Henry portfolio, which Cromwell acquired together with Goldman Sachs in June 2018.
Financial details were not disclosed.
The portfolio comprises long-term residential development opportunities. Two of the buildings and two unbuilt plots are located in the Kera region of Espoo, outside of Helsinki. The other assets are located in Pitäjänmäki (Helsinki) and Matinkylä (Espoo).
Eppu Pesonen, asset manager at Cromwell Property Group in Finland, commented: ‘The sale of this portfolio demonstrates our ability and will to execute transactions despite the extraordinary global circumstances caused by the ongoing Covid-19 pandemic.’
He added: ‘Following this sale, which was completed according to our strategic business plan, we will continue to focus on our value-add initiatives and the development of the remaining assets within the portfolio. Even though the current pandemic is likely to decrease overall market activity, we will continue to monitor markets closely and carry out disposals and acquisitions in line with our strategic initiatives.’
At the time it was acquired, the Henry portfolio comprised 132,000 m2 of space across 27 properties including 21 office buildings, three storage/industrial buildings and three plots. All properties are located in the HMA region, which includes the cities of Helsinki, Espoo and Vantaa.
Cromwell was advised in the transaction by White & Case.
