Etera divests Swing Life Science Center to Commerz Real AG (DE)

Etera Mutual Pension Insurance Company has signed a sale and purchase agreement to divest Swing Life Science Center in Keilaniemi, Espoo to a German real estate fund managed by Commerz Real AG for approx. €120 million. The transaction was completed June 30, 2009.

Swing Life Science Center is located in the well reputed headquarter area of Keilaniemi and consists of five office buildings constructed gradually between 2003-2008. The business park has a total leasable area of approx. 32,000m². Main tenants include CSC – IT Center for Science, Neste Jacobs, Finnzymes, Bayer and Huhtamäki.

"Etera is very pleased with the outcome of the transaction. Through the transaction we lower our exposure to office properties and release funds for new real estate investments and investments in other asset classes," says Timo Sotavalta Head of Real Estate at Etera.

Etera's real estate portfolio is after the transaction worth approx. €770 million. The value of Etera's total investments amounts to approx. €4.9 billion.

Commerz Real AG is a fully-owned subsidiary of Commerzbank AG and one of the largest asset managers worldwide, managing assets worth approx. €43 billion. Swing Life Science Center is Commerz Real AG's first investment in Finland.

Leimdörfer acted as Eteras financial and Merilampi Attorneys as legal advisor in the transaction.

Source: Cision

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