Finnish asset manager Trevian has bought a portfolio of three properties in Turku and Riihimäki, and an additional property in Kaarina, from a group of private investors.
The assets were purchased for the Trevian Finland Properties I fund, which now comprises some 147,995 m2 of leasable area.
In Turku, the fund acquired the Leaf Center, a former chocolate factory comprising eight buildings. It represents 36,048 m2 of leasable area and now numbers over 170 tenants from sectors including sports facilities, warehouse and logistics, light manufacturing, offices and retail.
The fund also bought TV Center, a former Finlux television factory, which is located 4.9 km north-west of Turku city centre and includes predominantly warehouse, office and retail space. It comprises 24,050 m2 leasable space and nearly 50 tenants.
Riihi Center is a 2,872 m2 single-tenant property 3.4 km south-west of Riihimäki city centre, in the Merkos retail park, let to discount retailer Puuilo Oy.
'The acquired portfolio is perfectly aligned with our fund’s investment strategy,' says Risto Aro, Trevian fund director.
'The properties have very high occupancy rates, and the tenant risk is extremely well diversified. Leaf Center and TV Center are a part of the Finnish industrial history, and it is gratifying to see how these buildings have found a new raison d’être.'
The fund also acquired a single-tenant property from YIT Construction Ltd in Piispanristi, Kaarina, 6 km from Turku. The tenant of the 2,500 m2 commercial building, constructed in 2008, is Puuilo Oy. The vendor was advised by Reagle Oy.
