SEB fund takes possession of first Finnish property

SEB Asset Management has announced its open-ended real estate fund SEB Immoinvest has entered the Finnish market by taking possession of the six-storey Plaza Vivace office building. Completed in February 2008, the building is part of the Airport Plaza Business Park located just outside Helsinki.

Immoinvest agreed to buy the building on completion from Scandinavian project developer NCC Property Development for EUR 23mln. Around two-thirds of the property, which has total useable space of approximately 7,400 m² and 192 parking spaces, is currently let to six companies, including BMW. The letting rate will increase to around 85% in May due to another lease that has already been signed. Vacant space is covered by a two-year rental guarantee provided by the seller, SEB said.

SEB announced the acquisition of its first proeprty in Prague a few days ago and it now has 31 properties in 17 countries.