Union Investment acquires office in Helsinki

German real estate investor Union Investment Real Estate has acquired the Pilke office property, part of the Plaza Business Park scheme in Helsinki's office market Vantaa Aviapolis, from NCC Property Development. The investment volume was SEK 170 mln (almost EUR 19 mln).

The property will be added to one of Union Investment's institutional real estate funds. It marks the company's third investment in the Helsinki property market.

Plaza Pilke is the first office property of the third phase of Airport Plaza Business Park, which will be one of the largest business parks in Europe on completion in February 2011. The project will consist of a total of 13 buildings offering 31,000 m² of floor space and roughly 600 parking slots.

Plaza Business Park is the first registered Breeam environment certified project in Finland and also meets the EU Green Building requirements. The third phase of the Plaza comprises five properties, with an occupancy rate of about 75%. NCC will remain responsible for leasing.

Tenzing Oy and Breim acted as consultants to the buyer.