Castellum has acquired the real estate company Kielo, part-owned and managed by Brunswick Real Estate, for approximately €640m. Kielo was launched in October 2017 together with Blackstone Tactical Opportunities with a mission to create a modern real estate company focused on sustainable and high-quality offices across Finland.
Today Kielo owns 22 high-quality office properties of which 70% has an environmental certification. The portfolio comprises approximately 237,000m² lettable area in Finland's most attractive growth centres and fastest-growing university locations, such as the Helsinki Metropolitan Area, Tampere and Turku. During Brunswick’s management, Kielo has completed six and initiated two energy efficiency projects with an annual CO2 saving of 7,500 tonnes. Kielo has also successfully developed modern flexible office space and a wide range of services and facilities across the portfolio. The substantial development and energy efficiency projects are estimated to have contributed to a value increase of approximately €150m.
Patrik Andersson, CEO of Brunswick, commented: “Kielo marks a clear success in the evolution of Brunswick, I am particularly proud of the comprehensive sustainability and energy efficiency projects underpinning the core of Brunswick’s beliefs and the team and organization in Finland.”