Ilmarinen Mutual Pension Insurance Company has completed the sale of a landmark office property located next to the central railway station in Helsinki’s central business district. The building was purchased by Deka Immobilien.
The office property Töölönlahdenkatu 3 was completed in 2014 and offers a gross lettable area of approximately 15,800 m². The LEED Gold certified building offers prime quality premises in a highly accessible location, with all modes of public transport within walking distance.
The fully occupied multi-tenant property has a total of 14 tenants, spearheaded by KPMG, whose Finnish headquarters occupy roughly 60 % of the lettable area. Other notable tenants include Barona Group, Electronic Arts and Nokian Tyres.
The purchase price is approximately €190m. The transaction marks the largest ever single office asset transaction in Finland.
Kenneth Nyman, Portfolio Manager Commercial Property Investments, Ilmarinen, said: “Since 2009 Ilmarinen has developed the Töölönlahti area into a significant, highly modern and sought after office area, thus contributing to the expansion of the CBD area further to the North. After having completed the development and having fully let the property at Töölönlahdenkatu 3 Ilmarinen decided to sell its second holding in the area. We are very pleased that Deka, a reputable international investor, ended up as the new owner and we are sure Deka will further fine-tune the asset. Despite this sizeable sale, Ilmarinen will continue to be an active owner and investor in the Helsinki CBD market.”
Christian Hohenthal, Head of Capital Markets, JLL Finland, added: “We are extremely pleased to have been able to facilitate the sale of this ultra-core asset marking the largest transaction ever in the Finnish office segment. The high-quality asset attracted significant investor interest from across the globe, underlining the strong momentum in the Finnish market.”
JLL acted as Ilmarinen’s sole commercial advisor in the transaction. Merilampi provided legal advice.
