Insurance company Fennia Life has bought an office property located in the Ruoholahti office district of Helsinki from local mutual pension fund Etera.
Insurance company Fennia Life has bought an office property located in the Ruoholahti office district of Helsinki from local mutual pension fund Etera.
The deal, which was signed on 31 January, involves a 8,700 m2 office building developed in 2001 and fully let to several tenants.
The financial details were not disclosed.
'The investment distributes our real estate risk and will serve as a long-term investment as a part of our real estate portfolio,' commented Timo Rantala, head of Real Estate Investments at Fennia and Fennia Life.
'Centrally located office properties with high occupancy rates face a high investment demand. The timing for the divestment of this asset was suitable for Etera, as we have large, ongoing office property projects in the centre of Helsinki,' added Timo Sotavalta, head of Real Estate at Etera Mutual Pension Insurance Company.
Finadvice, a local independent broker, advised the vendor on the deal.
