The Peab and Ålandsbanken Asuntorahasto Special Investment Fund acquire an office property in Tapiola, Finland, from Trevian Asset Management and private investors. The property was previously part of a portfolio managed by Trevian, from which Trevian and their partners acquired it a couple of years ago. The new owners will continue to develop the area into a residential block based on a successful area plan developed by Trevian.

The property is located in a central urban area in Tapiola, Espoo, in the immediate vicinity of the main shopping centre and the Tapiola metro station. The existing office building on the property will be demolished and replaced with a residential development of several buildings.

A month ago, the property received a favourable decision from the city of Espoo for a zoning alteration to residential use. With the decision now in place, the development project will be transferred from Trevian for implementation by the new owners.

 ”It is terrific that after several years this well-planned development project has reached this stage, and new high-quality residential buildings will soon be built in the area. We are proud to be strongly involved in developing cities and neighbourhoods and enabling new housing production in the central areas of urban culture,” says Trevian investment director, Kim Särs.