CBRE Sells in Helsinki

Finland Finland CBRE Global Investors has successfully completed the sale of the inner-city block Kluuvi to AXA IM - Real Assets, acting on behalf of one of its clients.

2018-04-06

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Kluuvi is an 18,600 square meter dominant high street retail and prime office asset, in the centre of Helsinki, consisting of approximately 10,300 square meters of retail and 6,800 square meters of office space, including 108 parking places. The Kluuvi block comprises 38 retail and office units, which are 91percent let. 

The centre was acquired in 2007 on behalf of the CBRE Nordic Property Fund, a fund launched in 2006. 

”Kluuvi has proven to be a strong contributor to the retail landscape in the city centre of Helsinki, attracting significant footfall to the centre every year. We have completed the business plan for the asset and the strong market conditions in Finland have provided a good timing for its disposal. At the same time we will continue our active search for new investment opportunities in the Nordics for our clients,“ says Andreas Norberg, Head of Investment Operations.

“We are very pleased with this result for our investors which follows a successful asset repositioning programme of this urban block over the last period. The sale of this unique multi-use asset in the heart of Helsinki, confirms the strong investor demand which we see for this category in the Finnish market,” comments Rik Eertink, Fund Manager at CBRE Global Investors.

CBRE & Roschier advised CBRE Global Investors.

AXA IM - Real Assets is working together with the Nordic investment manager Cavendo on this transaction. Cavendo will assume the role of operating partner and will be involved in implementing the business plan going forward.




Maria Olsson Äärlaht
maria@nordicpropertynews.com




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