Blackrock Acquires Office Building in Helsinki
Finland Blackrock Real Assets and Institutional Investment Partners (2IP) have acquired an office building in Helsinki, Finland from a fund managed by AXA IM Real Assets. This acquisition represents the first real estate equity investment completed on behalf a German insurance company and was completed as part of a global separate managed account on Institutional Investment Partners’ German platform. It is a continuation of BlackRock’s increased investment activities in the Nordic countries.
The office building is located in the Ruoholahti area of Helsinki, and it has a gross leasable area of 12,360 square metres. Built in 1984 and refurbished in 2012, the Porkkalankatu 5 building accommodates five tenants on six floors.
Ruoholahti is one of the strongest office submarkets in Helsinki. With excellent connectivity and infrastructure, it is a preferred area for corporate headquarters and large occupiers.
Blackrock acquired the building as a long-term hold to meet the client’s mandate of acquiring high-quality, income producing, core real estate located across all sectors in strong markets in Europe, North America and Developed Asia.
“We are pleased to grow our Nordic footprint and establish our presence in the Finnish property market, which we believe has potential for producing steady income and providing us with good opportunities for further investments in the future. We look forward to continuing to build a strong and robust global core real estate portfolio on behalf of our German client,” says Victor Persson, Vice President, Blackrock Real Assets.
Blackrock acted as investment and portfolio management advisor to the fund while 2IP provides fund management and administration services.