OP Life Assurance Company has sold a mixed-use retail and office asset to BlackRock Eurozone Core Property Fund. Newsec acted as the seller’s exclusive commercial advisor in the transaction.
The historic building is located in the heart of Helsinki CBD at the junction of Aleksanterinkatu and Mikonkatu high streets. Originally built in 1891 and extended in 1959, the property provides altogether some 12,200 square meter of leasable high street retail and office space.
© 2018, Kuvatoimisto Kuvio Oy
Ian Williamson, Portfolio Manager of the Eurozone Core Property Fund, comments: “This transaction is representative of one of our key strategies: seeking very well-located properties presenting opportunities for generating income growth, and also furthers our portfolio diversification with office and retail exposure in a fantastic location, backed by a growing Nordic economy.”
Victor Persson, Vice President, BlackRock Real Assets, added: “We are pleased to have made our third investment in Helsinki on behalf of funds managed by BlackRock Real Assets in the last year, where the market is driven by strong tenant demand for good space. This historic building also has the advantage of offering both high-quality retail and office space.”
Ilpo Münster, Partner at Newsec, comments: “We are extremely happy to have successfully advised OP Life Assurance Company in the sale of this prestigious landmark asset. We saw a strong interest from a wide range of investors for this core investment opportunity demonstrating continuance of strong demand for prime assets in Helsinki.”
Newsec acted as the vendor's exclusive commercial advisor while Castrén & Snellman acted as the vendor’s legal advisor. The BlackRock Eurozone Core Property Fund was advised by Cobbleyard and Hannes Snellman.
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About OP – OP Financial Group is Finland's largest financial services group whose mission is to create sustainable prosperity, security and wellbeing for its owner-customers and in its operating region by means of its strong capital base and efficiency. OP Financial Group consists of 156 OP cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000 and 1.9 million owner-customers. www.op.fi
About Newsec – Newsec, the Full Service Property House in Northern Europe, offers real estate owners, investors and tenants a full range of services within the areas of Property Asset Management and Advisory. Newsec was founded in 1994 and is today a partner-owned company with some 2,000 co-workers in seven markets. Newsec has approx. €39 billion under management and annually signs lease agreements of some 760,000 square meters, manages transactions of some €3 billion and does real estate valuations of underlying property worth almost €180 billion. www.newsec.com
About BlackRock – BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of December 31, 2018, the firm managed approximately $5.98 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrockuknews |
About BlackRock Real Assets –BlackRock, the largest investment manager in the world, sits at the intersection of global capital and Real Asset investing opportunities. With deep industry expertise, demonstrated access to proprietary deals and a purely fiduciary mindset, our experienced investment professionals leverage BlackRock's unparalleled risk management capabilities, global reach and deep local presence to deliver compelling investment opportunities to meet our clients' needs. BlackRock provides investors with Private Real Estate Debt & Equity, Real Estate Securities and Infrastructure Debt & Equity via funds, co-investments and managed accounts. Our over 300-person team is based in 23 offices globally.