Helsinki and Uusimaa Hospital District HUS has sold its Töölö Hospital real estate holdings to Veritas Pension Insurance Company for a price of EUR 64 million. Newsec acted as advisor to the seller.
While the older section of Töölö Hospital comprising the former Finnish Red Cross Hospital is a listed building, it remains possible to change the use of the building under zoning regulations through a conversion into residential and commercial use. New building rights for the site are primarily for residential use. HUS will continue to lease the hospital buildings until its new Siltasairaala facility is completed in the neighbouring district of Meilahti.
"We are pleased with the outcome of this deal. The Buyer is a reliable Finnish operator that enjoys our full confidence as we continue using the premises on a leasehold basis," explains HUS Real Estate Director Vesa Vainiotalo.
Veritas regards the Töölö Hospital area as a prime site for development, including residential construction.
"A central location and interesting development prospects make this site a uniquely suitable addition to our portfolio as we seek to increase its value through our own operations and development expertise," says Peter Karlsson, Real Estate Director at Veritas.
The transaction strongly highlights the expertise of Newsec as real estate advisor to a public sector proprietor.
For further details please contact:
Esa Pentikäinen Director, Partner, Commercial Brokerage, MRICS
Newsec Advisory in Finland
Tel. +358 50 300 6567