European property group Patrizia is investing €101 mln on behalf of its institutional clients to acquire a 240-unit prime residential tower in Helsinki, Finland.
Patrizia acquired T7 Tower from SRV, a Finnish developer, ahead of construction which is due to start in early 2022 with completion planned for the end of 2023.
T7 Tower is a 24-storey property, which will provide 10,112 m2 of high-quality residential space with magnificent views over the city to the Baltic Sea. The property will be built with sustainability at the core of its design, with an A-Class energy certification and BREEAM ‘Very Good’ rating.
‘This investment presented us with an exciting opportunity to purchase a modern residential asset with high quality apartments and strong sustainability credentials that benefits from excellent connectivity,’ said Johan Öhlund Lagerdahl, country head Finland at Patrizia. ‘The Finnish residential market is supported by strong fundamentals and this latest deal follows our acquisition of a portfolio of multifamily residential properties in Helsinki earlier this year for around €145 mln.’
Jörg Laue, head of Transactions Nordics, commented: ‘Patrizia has a strong track record over many years in the residential sector and this deep-rooted expertise allows us to source investments across Europe, including in the Nordics, where our footprint has expanded significantly in recent years. And Finland remains a key target for Patrizia and we continue to look for additional investment opportunities as we build our exposure here further.’
JLL brokered the deal.
