11 July 2018
Union Investment sells office property in Helsinki
Union Investment has sold an office property with around 9,100 sq m of rental space in northern Helsinki. The eight-storey building, which includes an underground car park offering 150 spaces, is fully let to Skanska on a long-term lease. The buyer, Corum Asset Management, is seeking to boost its exposure to Finland. Catella Property Oy brokered the transaction on behalf of the vendor. The purchase price was not disclosed.
Property company Skanska completed the building at Nauvontie 18 in 2012 and sold it to Union Investment in 2013 in a sale and leaseback transaction. Since that time, the building has been part of the portfolio of open-ended real estate fund UniInstitutional European Real Estate. The property’s exceptional sustainability is evidenced by an LEED Platinum rating.
Despite this disposal, Union Investment retains a strong interest in investing in Helsinki and other major northern European cities. The Hamburg-based real estate investment manager owns seven commercial properties in the Helsinki area worth a total of around EUR 320 million, held in three different real estate funds. The intention is to expand this portfolio in the short term. Recently, Union Investment has also been very active in the Stockholm area. Since February 2017 alone, it has acquired the U6 and U7 office properties, each comprising around 18,000 sq m of rental space, plus the Hub office building in central Stockholm, which offers around 6,000 sq m of space.