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TH Real Estate, on behalf of Warburg-HIH Invest, sells landmark office building in Helsinki

Sturenkatu

TH Real Estate has sold the Sturenkatu 21 office building located in Vallila, Helsinki, on behalf of Warburg-HIH to eQ Finnish Real Estate, a Finnish special investment fund managed by eQ Asset Management. The purchase price was close to €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 8,398 sq m 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 3 km 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.

Disclaimer Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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