Cromwell Property Group has sold a 6-asset portfolio, including four office buildings and two unbuilt plots in the Helsinki Metropolitan area, to a fund managed by EAB Group. The assets were part of the Henry portfolio, which Cromwell acquired together with Goldman Sachs in June 2018. The portfolio comprises long-term residential development opportunities. Two of the buildings and two unbuilt plots are located in the Kera region of Espoo, outside of Helsinki. The other assets are located in Pitajanmaki (Helsinki) and Matinkyla (Espoo). All of the properties are located within the most populous area of Finland, with good transport links and job opportunities. The purchase price was not disclosed.
Eppu Pesonen, Asset Manager at Cromwell Property Group in Finland, commented: “The sale of this portfolio demonstrates our ability and will to execute transactions despite the extraordinary global circumstances caused by the ongoing COVID-19 pandemic. Following this sale, which was completed according to our strategic business plan, we will continue to focus on our value-add initiatives and the development of the remaining assets within the portfolio. Even though the current pandemic is likely to decrease overall market activity, we will continue to monitor markets closely and carry out disposals and acquisitions in line with our strategic initiatives”.