Cromwell Property Group and Goldman Sachs have acquired a portfolio of 27 properties located in the Helsinki Metropolitan Area from IVG Polar Oy for €108.5m. The portfolio comprises a total lettable area of 132,000m², of which 21 are office properties, three are storage/warehouse properties and three are plots of land. Cromwell will assume responsibility for the ongoing asset management of the portfolio.
Tomas Beck, Head of Nordics, commented: “This is a very interesting portfolio with similar value-add potential to the Omega portfolio that we acquired together with Goldman Sachs in 2016. We believe there are significant opportunities to create value through the asset management process by employing a number of strategies including re-zoning for residential usage, portfolio restructuring and leasing activity. This transaction also further strengthens our footprint in the HMA, where we now manage more than 250,000m² of property.”
JLL acted as sell-side advisor in the transaction.