Cromwell European Real Estate Investment Trust (“CEREIT”) has acquired 11 freehold office properties in Finland for €113.1 million. The properties will be managed by CEREIT’s sponsor, Cromwell Property Group, through its integrated European investment asset management platform.
Predominantly located in the Helsinki Metropolitan Area (“HMA”), the 11 Finnish office assets have a total lettable floor area of 61,972 sqm and are let to a diverse array of tenants from various industries. One of the assets is located outside of Helsinki in Kuopio, a rapidly growing regional hub and university city in the east of Finland.
All assets in the portfolio have excellent transport links, with the HMA assets located within easy reach of Ring Road III, the most important road system in the HMA, local train stations or the Helsinki airport, which handles approximately 83% of the domestic and almost all of the international air traffic.
Tomas Beck, Head of Nordics at Cromwell Property Group in Europe, commented: “We are currently operating in a buoyant office market in Finland, supported by strong domestic demand, job growth and rising consumer confidence. These conditions have put upward pressure on rents in high quality, well-located buildings that offer efficiency and connectivity.”