Trevian Asset Management introduces significant real estate investor BlackRock Real Assets to the Finnish value add property market through the acquisition of property located in Helsinki city center. The historically valuable property was formerly owned by the Finnish state, serving as the office premises for government agencies. The collaboration with BlackRock Real Assets supports Trevian’s strategy of driving international capital to the Finnish real estate market through acting as the local partner for leading global investors.
The acquired property, located at Erottajankatu 2, consists of two buildings combined into one unit. It has been previously used by government agencies such as the Finnish Customs and Ministry of the Interior. The property has significant cultural value: first architectural design was completed in 1891, and the construction of the second building was completed in 1905. The state purchased the property in 1913. In 2016, the Finnish Parliament approved the sale of the property to a real estate developer that eventually wasn’t able to accomplish the development project, and consequently filed for bankruptcy, which brought the property back to the market for sale.
The buyer BlackRock is the world’s largest asset management company with presence in 30 countries, including the Nordic market with offices in Stockholm and Copenhagen. Trevian will be BlackRock Real Assets’ local development and asset management partner for the acquired property.
Trevian’s CEO Reima Södervall views collaboration with BlackRock Real Assets as strong indication of the company’s successful growth strategy. ”We are extremely proud to introduce BlackRock Real Assets to the Finnish value-add property market. The fact that BlackRock chose Trevian to implement the development plan in the very challenging project proves our capacity in property development and will further improve our already strong track record in value add property segment.” said CEO Södervall.
Victor Persson, Vice President, BlackRock Real Assets, commented: “We are pleased to be making our second investment in the Helsinki office market in a short time frame, a market driven by improved macroeconomics and strong tenant demand for good office space. We look forward to working with Trevian and the City of Helsinki to transform this historically valuable building into modern high-quality office space without compromising its heritage.”