The finished asset will consist of modern and flexible office premises of c. 5,000 square meters.
Vantaa Energy will use the property as its Head Office and the building will be built following LEED Gold standards. The lease agreement can be extended by three additional years and Vantaa Energy also has several call options during the lease term to repurchase the property from Nordisk Renting at a predetermined price.
- We are very pleased to have reached this agreement with Nordisk Renting, says Maija Siikilä, Chief Financial Officer at Vantaa Energy. We have no interest in locking down capital in properties, as we wish to continue to deploy our financial capital in actively developing our core business activities. And thanks to the call options we can maintain the long-term control over this key and strategic asset.
Vantaa Energy is one of the largest energy companies in Finland, producing and selling electricity and district heating. For the industry the company also provides natural gas and owns and operates a waste to energy plant that transforms waste to renewable energy. Vantaa Energy is co-owned by the City of Vantaa (60%) and City of Helsinki (40%).
The property has a strategic and good location in Vantaa just outside of Helsinki, close to the airport and Vantaa’s commercial center Tikkurila.
- We are very happy to have entered into this cooperation with Vantaa Energy, says Caroline Bertlin, CEO at Nordisk Renting. We have a clear ambition to grow in the Nordics, where Finland represents a very important market. Vantaa
Energy characterises the kind of solid, long-term and forward-looking companies we see as our core customer base.
The transaction was signed 26th February, and the buildings, following partial tear down, renovation and new build, are expected to be completed in June 2017.
Nordisk Renting Acquires And Builds New Head Office For Vantaa Energy
Finland — Nordisk Renting has acquired an office property from Vantaa Energy in the vicinity of Helsinki-Vantaa Airport. Simultaneously, a 16-year sale-and-leaseback agreement was signed. The investment amounts to 15.4 million euros and includes both tearing down a part of the existing property, renovation and a new build.