Acquisitive German fund manager Union Investment has bought a newly built office property in the Finnish capital Helsinki for around €74 mln.
Acquisitive German fund manager Union Investment has bought a newly built office property in the Finnish capital Helsinki for around €74 mln.
The 12,420 m2 building was completed in October and is fully let to the vendor, Finnish paper, pulp and timber group UPM Kymmene Corporation, on a 15-year lease.
Union is seeking LEED Platinum certification for the building, which is located close to the central railway station in Helsinki’s CBD.
Union Investment’s open-ended property funds hold nine office and logistics properties in the Helsinki metropolitan area with a combined volume of around €320 mln.
The German fund manager plans to invest up to €200 mln in Helsinki next year, where it says the CBD market is ‘chronically undersupplied’ in terms of modern office space. This undersupply means there is strong potential for rental growth in the next nine years, says Philip La Pierre, head of investment management Europe.
Union Investment has carried out four office investment deals in European markets since 19 November. Click on the links below for details of the individual transactions.
