Patrizia Sells Helsinki Office to EQ
Finland Patrizia has completed the sale of the Itämerenkatu 5 office building in Helsinki for EUR 41 million. The property was sold to a Finnish investment fund, Special Investment Fund EQ Finnish Real Estate.
Constructed in 2001, Itämerenkatu 5 is a multi-let office building located in the popular Ruoholahti office district, close to Helsinki city centre, with over 8,800 sq m of lettable space. Following its acquisition of the property in July 2016, Patrizia undertook an extensive asset management programme, including energy efficiency improvement works and a full refurbishment of the restaurant and lobby. Underpinned by positive local market conditions, the initiatives enabled Patrizia to complete a number of successful lettings. The property also achieved a LEED Gold Certificate in August 2017, following the focus on improving its energy efficiency.
“We have transformed this property into a desirable office location in Helsinki and believe that now is the right time to take advantage of market conditions and to crystallise the value we have created. We still hold over 55,000 sq m of leasable space in Finland, which largely comprises offices within the Helsinki Metropolitan Area, and are actively looking to acquire more assets across multiple sectors, where we see an opportunity to drive income and values," says Essi Sten, Country Manager and Head of Asset Management Finland at Patrizia.
With on-the-ground office specialists in all major European real estate markets, Patrizia has a total pan-European office AUM of EUR 14.5 billion.
Patrizia was advised by Hannes Snellmann (legal), PWC (financial) and JLL (commercial).