Regenero Sells to EQ
Finland YIT, HGR Property Partners and their joint venture Regenero have sold the Tietotie 6 property in Otaniemi, Espoo to Special Investment Fund EQ Care (AIF).
The leasable area of the property is approximately 26,000 square metres. The parties have agreed not to disclose the purchase price. CBRE acted as the sellers’ commercial advisor and Avance Attorneys Ltd. as the legal advisor.
“The Tietotie project exemplifies two of YIT’s strategic priorities: urban development together with partners and non-cyclical businesses represented by renovation services. The entire project is strong proof of the operating capacity of YIT and HGR as well as our joint venture Regenero. We are happy with the investor demand towards this project and with eQ Care as an owner with a long-term perspective,” says Esa Neuvonen, EVP, Business Premises segment and Partnership Properties segment at YIT.
Tietotie 6 is fully let with long-term lease agreements to different units of the City of Espoo. YIT is currently renovating the property into modern working premises and for school use. The offices will be completed in stages in late 2018 and the school will open its doors on Tietotie 6 in autumn 2019. The premises have been planned in co-operation with the City of Espoo.
“We are delighted with the good cooperation with the City of Espoo. This project is a great example of solid cooperation between different offices, and as a result we have a versatile building offering activities also to citizens in the future. We are enthusiastically looking forward to the opening of the school in the new, comfortable premises,” says Kari Helin, CEO and Managing Partner at HGR Property Partners.
“The fundamental of eQ Care is long term property ownership, which allows us to offer our tenants stable and sustainable cooperation in healthy, safe and functional premises. This property is a perfect match for the fund and complement our educational property portfolio, which focuses in the Helsinki metropolitan area. Regenero has, together with the City of Espoo, developed an excellent property and we are happy to be able to support the society also through this property,” says Jennifer Eloheimo, Investment Director at eQ Care.