On behalf of Warburg-HIH Invest, TH Real Estate has sold the Sturenkatu 21 office building, located in Vallila, Helsinki, to eQ Finnish Real Estate, a Finnish special investment fund managed by eQ Asset Management. The purchase price was c. €21m.
Sturenkatu 21 is a historically and architecturally valuable office building, designed by the famous Finnish architect Ole Gripenberg. The building was completed in 1940 as the head office for Oy Volvo Auto Ab and was later owned and occupied by Kone Corporation. In 2006-2007, the building underwent a significant modernization and it was converted into multi-let office use. Today, the property serves as the head office of Unilever Finland. Other tenants include Posti and Rastor.
The unique office building offers a total leasable area of 8,398m² over 4 floors above ground. The property is located in Vallila, one of Helsinki’s leading workplaces, and office area, with excellent public transportation links, situated only 3km from the city centre.
“We took advantage of the very positive market development and sold the asset which was bought at the peak in the last cycle in 2007 for a good price. Inversely, eQ Finnish Real Estate may count on the prime location and prestigious tenants,” says Axel Kleinefenn, Head of Fund Management for Warburg-HIH Invest.
“TH Real Estate’s ambition is to grow its platform in the Nordics and Helsinki. However, this sale fits the best interest of our client, takes advantage of the current market and allows re-allocation of capital to other properties,” adds Johan Åström, Head of Investment, Nordics at TH Real Estate.
“We are very pleased with the acquisition of this iconic and modernised building located in a recognised and well-accessible workplace area in Helsinki. The blue chip main tenants witness the attractiveness and functionality of the premises”, says Samuel Granvik, Investment Director at eQ and the responsible fund manager of eQ Finnish Real Estate.
CBRE acted as a commercial advisor for the seller in the transaction, while Roschier, Attorneys Ltd provided legal advice. Avance Attorneys Ltd. acted as the legal advisor for the buyer.
