8 October 2021
Union Investment acquires second residential project in Finland
• Atlas development purchased for UniImmo: Global
• 33-storey residential tower with strong sustainability credentials
Union Investment has acquired the Atlas project in Helsinki from Nordic construction and project development company Skanska. Offering total rental space of 15,952 sq m, the 33-storey residential tower will comprise 288 apartments and three retail units on the ground floor. The acquisition is being made on behalf of open-ended real estate fund Unilmmo: Global. The purchase price is around EUR 100 million.
Union Investment first entered the Finnish residential property market earlier this year by purchasing the neighbouring Hyperion tower, which is also being developed by Skanska. The Atlas project has likewise been acquired by way of forward funding and is scheduled for completion by the fourth quarter of 2024.
“As the final components of the Dolphin Block development scheme, Atlas and Hyperion will complete the southern part of the established Vuosaari residential area. Given existing excess demand, the prominent location and the high planned level of construction quality, we rate the letting prospects for both residential towers as very good.”
Martin Schellein, Head of Investment Management Europe at Union Investment.
“Development of the tower blocks in Vuosaari has been interesting and rewarding. Atlas is the tallest building Skanska has built in Finland. I am pleased that our cooperation with Union Investment continues along with this new project”, says Jukka Haaparanta, Project Development Director at Skanska
Like Hyperion, Atlas is situated in a very central location in the Vuosaari district, directly adjacent to the metro station of the same name and the Columbus shopping centre. The location benefits from excellent public transport links and close proximity to countryside, recreational green space and the beach. Helsinki’s main railway station is approximately 20 minutes away by metro and can be reached in around 25 minutes by car.
The quality of the building and the living experience will be above average. The intention is to create a balanced mix of one to four-room apartments with an average size of 54 sq m. Apartments will not be subject to rent control. There will be communal areas and a total of nine saunas on the second, third and thirty-third floors as well as a roof terrace open to all tenants. The residential tower will also meet the highest sustainability standards. Among other measures, the aim is to obtain a Finnish sustainability certificate with an energy efficiency rating of “A”. This means that the property will consume 25 per cent less energy than is stipulated by Finnish building regulations.
For Union Investment Real Estate GmbH