German property fund manager Union Investment has acquired Skanska's head office for the Finnish market.
German property fund manager Union Investment has acquired Skanska's head office for the Finnish market.
Skanska, a global construction and development business, sold the office building located in the Ruskeasuo district of Helsinki for €32 mln.
Union Investment will take possession of the property 'Skanska Haus' before the end of September for its open-ended real estate fund UniInstitutional European Real Estate.
Completed in January 2012, the property has LEED Platinum certification and is fully let to Skanska. The highly creditworthy Swedish construction group will use the building, which offers 9,129 m2 of rental space in Helsinki’s city centre, as the headquarters of its Finnish holding company. The vendor is the group’s own property development company, Skanska Commercial Development Finland.
'The Skanska headquarters building exemplifies our quality-oriented investment approach. Working with dependable partners such as Skanska, we are delighted to have established an excellent portfolio in Helsinki within the space of just a few years that has attracted international attention,' said Philip La Pierre, head of investment management Europe at Hamburg-based Union Investment Real Estate.
The Union Investment property portfolio in the Helsinki metropolitan area currently includes nine office and logistic properties and has a total value of €350 mln.
Skanska Haus is part of the Manskun Rasti office complex in the inner-city Ruskeasuo office sub-market, which enjoys direct main road access to Helsinki’s city centre and commercial district. Comprising four buildings and offering around 34,219 m2 of office space, the complex is scheduled for final completion in 2015.
