Finland's Tapiola Mutual Pension Insurance has acquired Verkkokauppa.com's new retail and warehouse building to be developed in the new Jatkasaari district of Helsinki. The total investment volumes amounts to around EUR 38.5 mln.
Finland's Tapiola Mutual Pension Insurance has acquired Verkkokauppa.com's new retail and warehouse building to be developed in the new Jatkasaari district of Helsinki. The total investment volumes amounts to around EUR 38.5 mln.
Designed by Helin & Co architects, the property will offer some 20,000 m2 of store, office and warehousing space on completion by Christmas 2011. Verkkokauppa.com has signed a long lease agreement for the land with the City of Helsinki, which also includes a purchase option. Hartela Group will act as the building contractor.
'There was strong domestic and international interest in our project among both investors and financiers. We are very happy to have Tapiola Pension, a well-established and stable property investor, as the owner of our new building,' said Samuli Seppala, CEO of Verkkokauppa.com.
'Verkkokauppa.com is a good and long-term tenant, and the sought-after location made the building an attractive proposition for Tapiola in its search for long-term and safe property investments,' added Tapiola's capital market director Esko Raunio.
Finadvice advised Verkkokauppa.com on the sale and on structuring the lease. Hammarstrom Puhakka Partners advised the seller on legal matters.
