Germany's IVG Institutional Funds has acquired a new waterfront office development in the Ruoholahti district of Helsinki for an undisclosed amount. The vendor is a subsidiary of private investor Ahlström Capital Oy. The building, with an occupancy rate of 97%, is let to five tenants with term leases ranging from two to nine years. The property has a total rental floor space of about 15,000 m[sup]2[/sup] and features conference rooms and a staff restaurant.
Germany's IVG Institutional Funds has acquired a new waterfront office development in the Ruoholahti district of Helsinki for an undisclosed amount. The vendor is a subsidiary of private investor Ahlström Capital Oy. The building, with an occupancy rate of 97%, is let to five tenants with term leases ranging from two to nine years. The property has a total rental floor space of about 15,000 m2 and features conference rooms and a staff restaurant.
In a statement, IVG said that this was the first transaction taking advantage of changes recently made in Germany's investment legislation, which now allows 'Spezialfonds' to buy property through holding companies.
Additionally, IVG's development unit said on Friday it has sold a building that is part of the Global Gate office complex in Düsseldorf to a leading German real estate asset management company for an undisclosed amount. The property consists of some 11,000 m2 of offices distributed across 10 storeys and an underground car park. The entire floor space is currently let to companies operating in the fields of retailing and tourism. The Global Gate provides a total 33,000 m2 of space. The other two buildings included in the complex were sold in 2004 to Allianz Immobilien and in 2002 to SEB Immobilien Invest.
