Patrizia Immobilien AG has completed the sale of the Itamerenkatu 5 office building in Helsinki, Finland for €41m. The property was sold to a Finnish investment fund, Special Investment Fund eQ Finnish Real Estate.
Constructed in 2001, Itamerenkatu 5 is a multi-let office building located in the popular Ruoholahti office district, close to Helsinki city centre, with over 8,800m² of lettable space. Following its acquisition of the property in July 2016, Patrizia undertook an extensive asset management programme, including energy efficiency improvement works and a full refurbishment of the restaurant and lobby. Underpinned by positive local market conditions, the initiatives enabled Patrizia to complete a number of successful lettings. The property also achieved a LEED Gold Certificate in August 2017, following the focus on improving its energy efficiency.
Essi Sten, Country Manager and Head of Asset Management Finland at Patrizia, commented: “We have transformed this property into a desirable office location in Helsinki and believe that now is the right time to take advantage of market conditions and to crystallise the value we have created. We still hold over 55,000m² of leasable space in Finland, which largely comprises offices within the Helsinki Metropolitan Area, and are actively looking to acquire more assets across multiple sectors, where we see an opportunity to drive income and values.”