Finland's First Business Park Spektri to be Unified
Finland Spektri Kiinteistöt Ky, company established by the current owners of Finnish business park Spektri – Mutual Pension Insurance Companies Ilmarinen and Varma, together with the Helsingin Seurakuntayhtymä, and Yle Pension Fund – has acquired the real estate company Kvartti of Spektri.
The acquisition aims to harmonize the business structure of the business park, as well as to streamline its operations to better serve both tenants and investors. The seller of the real estate company was Keva. The investors have chosen Trevian Asset Management Oy as the management company of the business park, and Trevian acted also as an advisor in the acquisition.
Since construction, Spektri Business Park has been one of Finland’s largest business parks and owned by domestic institutions. The business park is located in the Otaniemi technology hub in Espoo, within the Helsinki metropolitan area, and has previously been formed of five separate mutual real estate companies. Spektri has been reformed strongly to meet today’s needs for office premises. Today, the business park presents versatile services, most recent addition being the Spektri Auditorium & Lounge. Spektri is also a popular conference center.
Trevian Asset Management Oy is responsible for the management, development and leasing of Spektri Kiinteistöt Ky, and has also acted on behalf of the buyers in the acquisition process. The total area of Spektri is almost 50,000 sqm, and the leasable area approximately 35,000 sqm. The business park has more than 100 tenants and the occupancy rate for Spektri is around 85 percent. ”We consider it as very positive opportunity that along with this acquisition, all Spektri properties have the same owner, Spektri Kiinteistöt Ky. The new business structure enables the most efficient development of the business park as a whole. We are now able to offer the tenants flexible office premises, equally from all five office buildings”, said Reima Södervall, CEO of Trevian Asset Management.
“During the recent years, Keva has rarely been in the position of the seller in its real estate investments,” said Petri Suutarinen, Real Estate Director of Keva. “As far as Kvartti is concerned, we have been the owners since 1996. Last year, the sale of the real estate came to consideration when the next phase of the development of the business park began through ownership arrangements. Along with the favorable market situation, we decided to look into the possibility of withdrawing from the investment,” said Suutarinen.
Borenius Attorneys Ltd has acted as legal advisor in the acquisition.