Castellum Enters Finland with EUR 81M Acquisition
Finland Castellum has acquired a substantial property in central Helsinki from Skandia, thereby establishing itself as a major player in a new attractive market.
Castellum is acquiring the Salmisaarenaukio 1 building, in the Ruoholahti office-block area of Helsinki, from Skandia. The building comprises approx. 14,433 sqm, and the investment is a solid element of Castellum’s strategy for building a strong Nordic real estate portfolio.
“Through this acquisition in Finland, it’s gratifying to note that Castellum is taking the next step in our strategy to grow and establish ourselves in several Nordic growth areas. We aim to be one of the major commercial real estate owners in Helsinki”, says Castellum CEO, Henrik Saxborn.
Salmisaarenaukio 1 is a modern and versatile property, situated in one of Helsinki’s most attractive and easily-accessed office clusters, Ruoholahti. Several major companies have located their headquarters in the area, and Castellum sees bright possibilities for growing in both the office and logistics segments, in a predominantly strong and stable market. Castellum takes immediate possession of the fully-leased building. The investment is assessed to generate annual revenues of approx. EUR 5.0M, which corresponds to MSEK 52, at today’s currency exchange rate.
Initial responsibility for the property will be designated to Sweden, but Castellum’s ultimate aim is to develop and establish a local organization in Finland.
Castellum will finance the acquisition through existing, unused credit.
JLL advises Castellum on their entry to the Finnish market.