TRIUVA, acting on a behalf of an institutional investor, has acquired a core mixed-use building in Helsinki CBD with a total lettable space of around 7,000 m². The seller is a group of private Finish investors.
The building on Kanavaranta 3-7 is located on the Katajanokka island next to the Uspenski cathedral in downtown Helsinki. It was constructed between 1867 and 1903 and initially used as a storage facility before refurbished in 1985 to an office house with restaurants. It comprises 2.230 m² of offices, almost 4.000 m² of gastronomy and almost 700 m² of residential space. The main tenant is Royal Ravintolat Oy, which operates two restaurants in the building.
Jörg Laue, Director of Investment Management at TRIUVA, said: “This is first deal in Finland TRIUVA has made in a long time. We’ve been looking for the right opportunity to come along and we continue to see great growth potential in Finland and are seeking further deals. Helsinki is benefiting from favourable demographics. Official projections predict a population increase of 16% until 2040. We are very pleased to buy an asset in such a strong CBD location, where we have the potential to lift the rent up to market level through active asset management.”