Antilooppi, a Finnish office investor backed by Nordic pension capital, bounds into 2017 with a big investment transaction and an even bigger financing.
Helsinki-based Antiloopi, Finnish for antelope, has acquired what it describes as a 'landmark office property' in the Finnish capital from CBRE Global Investors for €100 mln. It has also separately signed a syndicated credit facility agreement for E470m.
Merikortteli, the office building acquired by Antilooppi, is located in the Western Inner City of Helsinki in Punavuori. The period property, built in 1920, takes up an entire city block and is one of the most architecturally striking industrial buildings in the Finnish capital, featuring a brick facade and high ceilings.
The 27,700 m2 building is a media hub, let to several tenants in the creative sector including Spotify, Aller Media and Hasan & Partners.
'Merikortteli is an excellent addition to Antilooppi’s Helsinki Metropolitan area portfolio,as it is a well-known landmark building and it considerably strengthens our footprint in the Western Inner City,' said Tuomas Sahi, CEO of Antilooppi.
'The property has a high profile and a strong tenant base, but it also holds long-term development opportunities. The Punavuori area and the surrounding harbour are developing rapidly and the area is also undergoing a massive residential expansion,' Sahi added.
Antilooppi is a joint venture between Finnish pension and insurance company Ilmarinen and a Swedish counterpart, AMF. Antilooppi's holdings includes the Nokia headquarters in the Espoo Karaportti area and the Finnair hub close to Helsinki Airport. The portfolio has a total lettable area do 320,000 m2.
Credit facility
In order to support the company's growth strategy, Antilooppi has signed a syndicated credit facility agreeement in three tranches, totalling €470 mln. The first tranche is a €200 mln term loan facility, the second a €120 mln revolving credit facility and the third a €150uncommitted term loan facility.
Five Nordic banks were involved in the transaction, which was oversubscribed. Nordea acted as sole co-ordinating bookrunner, facility and security agent and mandated lead arranger. OP Corporate Bank acted as bookrunner and mandated lead arranger, SEB as mandated lead arranger and Handelsbanken and Danske Bank as lead arrangers.
'The signing of this credit facility further strengthens Antilooppi's market position as one of the leading office investors in the Helsinki Metropolitan Area,' said Sahi. 'The oversubscription by five Nordic banks demonstrates the strength of the team and the quality of the portfolio.'
