Hemsö Acquires the Helsinki Court House
Finland Hemsö is acquiring the Helsinki Court House for approximately EUR 200 million. The largest tenant is the Finnish state.
The property has been customised for the Ministry of Justice and is located in Ruoholahti in central Helsinki. The building currently accommodates several tenants with a direct or indirect link to the justice system. The total leasable area is nearly 50,000 sqm and the remaining lease term is 12 years. The Finnish state is the largest tenant with various units under the Finnish Ministry of Justice, including the Helsinki District Court, Helsinki Court of Appeal, the Helsinki Legal Aid Office and the Prosecutor’s Office of Helsinki. Public-sector tenants account for 87 per cent of the rental income. Other premises include office, restaurant, retail and warehouse spaces.
The building was constructed in 1940 to provide office and factory premises for the Finnish state-owned alcohol company Alko. Extensive refurbishment was carried out in 2004 and 2010 to create a modern office building.
The property has a central and strategic location, close to both services and public transport. The building’s unique waterfront address also offers sea views to its office tenants.
“The acquisition of the District Court of Helsinki has significantly increased our portfolio of public-sector tenants in Helsinki. This acquisition is well-aligned with our strategy of long-term ownership,” says Nils Styf, CEO of Hemsö.
“It is gratifying that we are now acquiring this large and historic courthouse and thereby growing in central Helsinki. We are also strengthening our relationship with the Finnish state through the state-owned enterprise Senate Properties,” says Jarkko Leinonen, Hemsö’s Head of Region, Finland.
The transfer is expected to take place in January 2019.