Union Investment has sold the Alberga A office building at Bertel Jungin Aukio 3 in Espoo, Finland, to the eQ Commercial Properties Fund. The buyer already owns the two neighbouring properties Alberga B and C in the Alberga Business Park. The parties agreed not to disclose the purchase price.
Union Investment secured the property in 2010 as part of a forward deal for its institutional real estate fund UniInstitutional European Real Estate. Completed in 2012, the eight-storey office building has a lettable area of around 9,000m² and is currently around 80% let.
"The property has performed very well over the past 10 years and generated stable rental income for the fund. Now is a good time to consistently implement the fund's active management approach by selling the property and further rejuvenate the portfolio," said Wolfgang Kessler, Managing Director of Union Investment Institutional Property GmbH.