CBRE Global Investors has completed the sale of property located in the centre of Finnish capital Helsinki to AXA IM Real Assets – which has been acting on behalf of one of its clients.
The Kluuvi block includes some 38 retail and office units, while the block overall attracts some 4 million visitors annually.
CBRE Nordic Property fund acquired the asset in 2007.
Andreas Norberg, head of Investment Operations Nordics comments: “Kluuvi has proven to be a strong contributor to the retail landscape in the city centre of Helsinki, attracting significant footfall to the centre every year. We have completed the business plan for the asset and the strong market conditions in Finland have provided a good timing for its disposal. At the same time we will continue our active search for new investment opportunities in the Nordics for our clients.”
Rik Eertink, fund manager at CBRE Global Investors, added: “We are very pleased with this result for our investors which follows a successful asset repositioning programme of this urban block over the last period. The sale of this unique multi-use asset in the heart of Helsinki, confirms the strong investor demand which we see for this category in the Finnish market.”
Following the acquisition by AXA IM Real Assets, it will work together with Nordic investment manager Cavendo, which will assume the role of operating partner.