Quadoro Doric, acting as the portfolio manager for the open-ended special AIF Vontobel Sustainable Real Estate Europe, has acquired the mixed-use building "Diana" in Helsinki. The transaction marks the AIF‘s first acquisition in Finland. The vendor is Svenska Folkskolans Vänner R.F. foundation. The purchase price was not disclosed.
The building was originally erected in 1898 and comprises 3,400m² of rental space spread over four storeys with partially developed loft. There are retail stores on the ground floor and offices and apartments on the upper floors. In addition, the property has 22 underground parking spaces. The property is located in the heart of Helsinki‘s historic city centre which has both a good public infrastructure and excellent access to transportation.
Michael Denk, Managing Director of the fund‘s AIFM, commented: "The above-average conditions for real estate investments and positive economic development coupled with the attractive fundamentals of the real estate market in Finland were among the factors which prompted us to purchase this property in Helsinki."
