AEW acquires Helsinki mixed-use property for €108.5m (FI)

AEW acquires Helsinki mixed-use asset for €108.5m (FI)

AEW, acting on behalf of its Europe City Retail Fund, has acquired a retail-led asset in Helsinki’s CBD from Stockmann Plc for €108.5m. The transaction marks its first investment in Finland since the Global Financial Crisis.

 

The landmark property, known as the Atlas building, is located adjacent to Stockmann’s flagship department store and the Esplanade Park, in what is widely regarded as the best retail and office location in the Finnish capital. Designed by architect Alvar Aalto and completed in 1969, the property comprises 8,460 ft² of the fully occupied lettable area. The ground and basement floors are restaurant and retail space anchored by the Academic Bookstore - Finland’s largest bookstore which has occupied the same location for more than 50 years, alongside a number of renowned tenants including the city’s first Starbucks store, Isku, an interior design store, and Herkku, the highest grossing grocery store in Finland. The upper four floors compromise c.2,500 ft² of high-quality office space.

 

Commenting on the acquisition, Christina Ofschonka, Portfolio Manager of Europe City Retail Fund, said: “Atlas is one of the best known and located properties in Helsinki in terms of accessibility, footfall prominence and visibility, and has an attractive income profile as well as asset management potential, which makes it the ideal asset with which to re-enter the Finnish market. Finland has a fundamentally strong and resilient economy and consumer confidence is currently among the highest in Europe. ”

  

AEW was advised by Krogerus, Möhrle Happ Luther, Castren & Snellman and Cushman & WakefieldStockmann Plc was advised by JLL.

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