YIT Sells All Tripla Office Properties
Finland YIT has sold the Tripla’s Workery offices, being built in Pasila, Helsinki, as a whole to an international investor. Tripla’s Workery offices, called Workery East and Workery West, are developed, constructed and owned by YIT. Their leasable area is approximately 50,000 square metres.
The deal is the single largest office property transaction in YIT’s history. The purchase price will be paid based on the percentage of completion: YIT will receive the first instalment in 2018 and the remainder will be paid in instalments according to the percentage of completion.
“We are very satisfied with the fact that Tripla’s Workery offices in Pasila, Helsinki, attracted the interest of several significant international property investors and with the fact that the properties were sold as a whole. The interest of international buyers is a great indication of Tripla’s appeal. Central Pasila is truly turning into the second city centre of Helsinki. The modern business premises that are currently under construction will offer comfortable and flexible space for working and a new kind of living environment for the city’s residents, something that we all can be proud of," says Esa Neuvonen, EVP, Business Premises segment and Partnership Properties segment at YIT.
The construction of the offices began in early 2018 and they will be completed in spring 2020. Workery East’s leasable area is approximately 28,000 square metres and, at the end of 2018, its percentage of completion will be more than 65 percent. Workery East’s anchor tenant is Telia Finland. Workery West’s anchor tenant is Otavamedia Ltd. Workery West’s leasable area is approximately 22,000 square metres and, at the end of the year, its percentage of completion will be approximately 55 percent. Lease agreements in both office properties are long. Tripla’s Workery offices are constructed according to the criteria of the LEED Platinum certificate.
Tripla is a three-block complex to be completed in Central Pasila in stages during 2019 and 2020. It includes the Mall of Tripla shopping centre, a parking facility, public transport hub, apartments, a hotel and the offices that were now sold.The parties have agreed not to disclose the purchase price at this point.