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

Share via e-mail

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




YIT Lands Deal in Espoo

Finland Finland YIT has entered into an agreement with the City of Espoo, on the construction of the Karhusuo school centre’s phases 2 and 3.


Trevian Aquires in Central Tampere

Finland Finland Special common fund Trevian Finland Properties I has on bought the PMK-building in the centre of Tampere from Renor Oy.

Citycon Sells Retail Property in Kuopio

Finland Finland Citycon has signed an agreement to sell a retail property in Kuopio to Special Investment Fund Fennica Toimitilat I for approximately EUR 22M.

YIT has Started Several Residential Projects

Finland Finland YIT has started the construction of residential projects worth approximately EUR 125M in Finland, the Czech Republic and Estonia in March. The start-ups were recorded in first quarter of the year.

OP Financial Group on Acquisition of Marimekko's HQ

Finland Finland OP Financial Group has through its Finnish Real Estate Fund Finland III acquired the head offices of world renowned Finnish design company Marimekko in a sale and lease back transaction. Markku Mäkiaho, Managing Director of OP Real Estate, tells Nordic Property News of the key points in the acquisition, the importance of a keeping a long-term tenant and the transformation of the up and coming area Herttoniemi.


Kojamo Divests Close to 1,600 Apartments

Finland Finland Kojamo Group’s companies have signed an agreement whereby they will sell in total 1,594 rental apartments in 15 locations to a real estate fund managed by Morgan Stanley Real Estate Investing.

Newcomer to Open Flagship Store at Mall of Tripla

Finland Finland The English sports retail giant JD Sports will open a flagship store in Finland in autumn 2019 as a part of the new urban centre Mall of Tripla in Pasila, Helsinki.

Trevian Divests 12 Commercial Properties

Finland Finland The properties are a part of Trevian Asset Management’s Forte portfolio and the buyer is Elite Kiinteistökehitysrahasto I Ky.

Skanska Invests EUR 96M in Office Project in Helsinki

Finland Finland The building will be the office for the European Chemicals Agency, ECHA, who signed the lease agreement in December 2017.

Skanska Builds Apartments in Jätkäsaari

Finland Finland Skanska has signed an agreement with the City of Helsinki to build 223 apartments in Jätkäsaari. The contract is worth EUR 41,5M and will be included in the order bookings for the first quarter of 2018.