Deka Immobilien GmbH has acquired Sanoma House, an office building in the Finnish capital city. The sale and leaseback transaction is worth approximately €176 million.
Construction of this property was completed in 1999, and the asset will be included in the portfolio of Deka-ImmobilienGlobal, an open-ended mutual property fund.
This deal marks the investment fund’s market entry in Finland. Finnish media group Sanoma sold the property, but intends to continue leasing it back long-term for a minimum of 15 years. The office building has nine storeys and provides lettable floor space of some 25,500 m² as well as 142 underground parking spaces. It is located in Helsinki city center, very close to the National Museum, parliament building and the central station in the Töölönlahti district.
By acquiring this property, Deka-ImmobilienGlobal has exploited an opportunity to enter the market in a eurozone country with a stable economy, and expand its investment universe.
Source: Deka Immobilien