NREP Divests Office Property in Helsinki

Finland Finland NREP has sold a prime office property located in the district of Sörnäinen in Helsinki to M&G Real Estate.

2017-10-26

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The office property consists of two adjacent office buildings, comprising a total of approximately 11,000 square meters of lettable area. Both of the current tenants, the Finnish Border Guard and the Finnish Transport Agency, have long lease agreements. The value of the transaction is EUR 28M and the buyer is a fund managed by M&G Real Estate, one of the world’s largest property investors.

The seller is NREP Nordic Strategies Fund II, a pan-Nordic real estate fund managed by NREP.

"The asset is part of a larger portfolio of office assets that was acquired in 2016. During the assessment of the portfolio, this asset had less need for operational asset management and was identified as potential for divestment. The appetite for a fully modernized prime located office property was as strong as expected, and we are very satisfied with the second exit from NREP Nordic Strategies Fund II,” says Jani Nokkanen, Partner at NREP.

"We are very pleased to have the opportunity to further grow our Finnish portfolio with an office building in a part of Helsinki undergoing interesting development such as the REDI shopping centre. The relative value compared to the CBD also made this acquisition very compelling, especially having two government tenants giving us long secure income.” says Thorsten Slytå, Director Nordic region at M&G Real Estate.

CBRE and Krogerus acted as NREP’s advisors. White & Case acted as M&G’s advisor. 
 




Maria Olsson Äärlaht
maria@nordicpropertynews.com




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