Union Investment has acquired the Hehku office development in the Finnish city of Vantaa from NCC Property Development Ltd for around 20 million. BREIM/Tenzing advised Union Investment on this transaction.
The project, which is more than 50% prelet and offers 5,631 m² of rental space, is due for completion by the end of the year. It will be added to the institutional real estate fund UniInstitutional European Real Estate (formerly Immo-Invest: Europa).
Future users include Glamox Luxo Lighting and Albany International. Offering parking for 137 cars, Hehku is part of the Plaza Business Park, which comprises five office complexes and is located in the Aviapolis area, 25 km north of Helsinki and close to Finland's biggest commercial airport.
Union Investment already owns the fully-let Pilke office building in the Plaza Business Park via its UniInstitutional European Real Estate fund. Pilke is the first office property in Finland to receive BREEAM certification for its sustainable construction. The goal is to achieve a BREEAM rating of 'Very Good' for the Plaza Business Park as a whole.
Source: Union Investment Real Estate GmbH
