Swiss Life AM invests in Helsinki

According to Corpus Sireo, the seller of the property is an institutional investor and the purchase price is reportedly around EUR 28 million (CHF 32.5 million).

The landmark building at Kaisaniemenkatu 13 was designed by the Finnish architect Yrjö Lindegrén in 1929 and was initially the headquarters of a large pension insurance company. The property on a plot of 848 sqm has a lettable area of 4,842 sqm, of which 3,798 sqm is office space and 573 sqm is retail space; the remaining space is used for storage purposes, among other things. Various retail outlets are rented on the first floor, including a bookshop, a fitness store and a bar. The seven floors above are used as offices. The largest tenant is the Nordic Investment Bank (NIB).

The building will be transferred to a pan-European fund for institutional investors, which Swiss Life Asset Managers launched at the end of November 2017. As part of the launch, up to EUR 400 million (CHF 464 million) will flow into the fund, with further capital increases planned.

According to the information provided, the real estate fund invests in core and core-plus locations in major European cities, regional centers and their agglomerations. The investment focus is on Germany, France, Austria and Benelux; however, the target regions also include the UK, Scandinavia and Southern Europe. Properties have already been acquired in the UK, Finland, Germany and Belgium.

Corpus Sireo Real Estate announces that it intends to expand its fund offering for institutional and private investors across borders and is looking for additional properties and portfolios in Scandinavia, the Netherlands and Austria.

The purchase of the property in Helsinki was accompanied by the Finnish law firm Roschier. The local property management will be handled by Newsec, while Corpus Sireo is the asset manager.