Union Investment has acquired an office property in central Helsinki for around €50m. The property at Etelaesplanadi 12 was constructed in 1899 and most recently upgraded in 2012. The vendor is OP Life Assurance Company. The five-storey building offers approximately 3,900m² of office space and around 900m² dedicated to retail use and storage. The three major tenants, who together occupy some 60% of the rental space, are a law firm, the Finnish Ministry of Justice and software company Vainu. The asset faces the well-known Esplanadi park and benefits from close proximity to Helsinki’s main railway station.
“This office property facing Esplanadi park represents a rare opportunity to invest in the heart of Helsinki’s central business district. We believe that the multi-tenant situation of the property and the ongoing dynamic rental growth in the city’s core locations will make it possible to steadily increase the building’s earning power through active asset management. At the same time we will continue to monitor the Nordic markets closely for further acquisitions,” said Martin Schellein, head of Investment Management Europe at Union Investment Real Estate.