AEW Makes EUR 108M Acquisition from Stockmann

Finland Finland Stockmann has signed an agreement to sell the iconic retail and office property known as the Book House. The purchaser is the AEW Europe City Retail Fund.

2018-05-11

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The landmark retail and office building occupies a strategic corner location along the main pedestrian street of the central business district in Helsinki, adjacent to Stockmann’s flagship department store. Designed by architect Alvar Aalto and completed in 1969, the 8,861 sq m Book House property is fully let to a range of renowned retail and office tenants, including the Academic Bookstore, Stockmann Delicatessen, Isku and Technopolis.  

The purchase price is EUR 108.6M. JLL acted as Stockmann’s sole commercial advisor in the transaction. Avance provided legal advice.

Cushman & Wakefield was advisor to the buyer.
 




Axel Ohlsson
axel@nordicpropertynews.com




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