BlackRock Real Assets has acquired a landmark property located in Helsinki city centre. Located at Erottajankatu 2, it consists of two buildings combined into one unit and was formerly owned by the Finnish state, serving as the office premises for the Finnish Customs and Ministry of the Interior. The property has a significant cultural value as it dates back to 1891. The purchase price was not disclosed. Trevian will act as local development and asset management partner for the acquired property.
Trevian’s CEO Reima Sodervall commented: ”We are extremely proud to introduce BlackRock Real Assets to the Finnish value-add property market. The fact that BlackRock chose Trevian to implement the development plan in the very challenging project proves our capacity in property development and will further improve our already strong track record in value-add property segment.”
Victor Persson, Vice President, BlackRock Real Assets, said: “We are pleased to be making our second investment in the Helsinki office market in a short time frame, a market driven by improved macroeconomics and strong tenant demand for good office space. We look forward to working with Trevian and the City of Helsinki to transform this historically valuable building into modern high-quality office space without compromising its heritage.”