Union Investment acquires Helsinki residential project (FI)

Union Investment acquires Helsinki residential project (FI)

Union Investment has acquired the Atlas project in Helsinki from Skanska. Offering a total rental space of 15,952m², the 33-storey residential tower will comprise 288 apartments and three retail units on the ground floor. The acquisition is being made on behalf of open-ended real estate fund Unilmmo: Global. The purchase price is around €100m.


The intention for the project is to create a balanced mix of one to four-room apartments with an average size of 54m². Apartments will not be subject to rent control. There will be communal areas and a total of nine saunas on the second, third and thirty-third floors as well as a roof terrace open to all tenants. The residential tower will also meet the highest sustainability standards. Among other measures, the aim is to obtain a Finnish sustainability certificate with an energy efficiency rating of “A”. This means that the property will consume 25% less energy than is stipulated by Finnish building regulations.


Atlas scheme is situated in a very central location in the Vuosaari district, directly adjacent to the metro station of the same name and the Columbus shopping centre. The location benefits from excellent public transport links and close proximity to the countryside, recreational green space and the beach. Helsinki’s main railway station is approximately 20 minutes away by metro and can be reached in around 25 minutes by car.


“As the final components of the Dolphin Block development scheme, Atlas and Hyperion will complete the southern part of the established Vuosaari residential area. Given existing excess demand, the prominent location and the high planned level of construction quality, we rate the letting prospects for both residential towers as very good,” said Martin Schellein, head of Investment Management Europe at Union Investment Real Estate GmbH.


“Development of the tower blocks in Vuosaari has been interesting and rewarding. Atlas is the tallest building Skanska has built in Finland. I am pleased that our cooperation with Union Investment continues along with this new project”, commented Jukka Haaparanta, Project Development Director at Skanska.


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