MEAG and SRV Group Plc have signed an agreement concerning three properties in the HTC Keilaniemi business park in Espoo, Finland, and a turnkey contract for the construction of three office blocks for the site. The transaction is valued at close to €89.4 million. HTC Keilaniemi is MEAG's first investment in Finland. SRV will build three seven-story office blocks with a combined floor area of 38,000 m², which will be completed in different phases by the end of March 2009.
Three seven-story office blocks, Helsinki.
Office blocks area view, Helsinki.
Due to rising rents and falling vacancy levels, MEAG feels that Helsinki currently offers ideal conditions for investing in office projects. The Helsinki metropolitan area ranks alongside Dublin as one of the fastest growing commercial centers in the EU 15.
HTC has been purchased for the real estate fund MEAG EURO PRO. This institutional fund invests in office buildings located in major European cities. The MEAG EURO PRO returned 8.7% in the 2006 fiscal year.
MEAG MUNICH ERGO AssetManagement GmbH in Munich is the asset manager for Munich Re and ERGO Insurance Group. With offices in New York and Hong Kong, MEAG has an international orientation and also manages the assets of clients outside the Munich Re Group. MEAG currently manages assets to the value of around €182 billion, of which around €13 billion are held in real estate.