Originally built in 1891 and extended in 1959, the 12,200 square meter property is located in the heart of Helsinki’s CBD. Aleksanterinkatu is Helsinki’s primary shopping street and has the seventh highest footfall of any street in Europe. Tenants at neighbouring properties include internationally-recognised brands such as Louis Vuitton and Mulberry.

Ian Williamson, Portfolio Manager of the Eurozone Core Property Fund, comments: “This transaction is representative of one of our key strategies: seeking very well-located properties presenting opportunities for generating income growth, and also furthers our portfolio diversification with office and retail exposure in a fantastic location, backed by a growing Nordic economy.”

Victor Persson, Vice President, BlackRock Real Assets, added: “We are pleased to have made our third investment in Helsinki on behalf of funds managed by BlackRock Real Assets in the last year, where the market is driven by strong tenant demand for good space. This historic building also has the advantage of offering both high-quality retail and office space.”

The Fund has an active investment pipeline and will continue to diversify its exposure across the Eurozone’s most liquid markets. The BlackRock Eurozone Core Property Fund was advised by Cobbleyard.