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Nordic Update

Cromwell REIT buys Finnish property valued at 117 mln EUR

Publicerad: 1 november 2018, 12:28

Helsingfors, en av de investeringsorter som Aberdeen är engagerade i.

Cromwell European REIT has announced the acquisition of 23 properties in five different European countries, of which eleven are located in Finland. It is the first acquisition made in Finland by the REIT whereas it already has a Nordic presence in Denmark.

According to an announcement from the company, the acquisition will give CEREIT access to attractive office markets in Finland, a market it describes as having tailwind. The other four countries in which CEREIT acquires properties in the deal are France, Italy, Poland and the Netherlands.

Collectively, the Finland, Poland and Netherlands portfolio has an aggregate net lettable floor area (LFA) of circa 150,235 sq.m., an average occupancy rate of 84.5 per cent and a weighted average lease expiry (WALE) of 4.7 years.

The Finnish part of the portfolio entails eleven properties, ten of which are in the Helsinki Metropolitan Area and the remaining one in Kuopio. The aggregate valuation of the Finnish properties amounts to 116.8 million EUR, and accounts for 37 per cent of the value of the portfolio. The LFA is 61,972 sq.m. The entire acquisition is based on a total value of 315.9 milljon EUR.

Prior to the transaction, CEREIT Nordic exposure consists of 13 properties in Denmark, with a value of 81.4 million EUR, according to presentation material on the REIT’s web site.

Sverrir Thór

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