CBRE advises Fennia on the sale of an office asset in Pasila, Helsinki

Fennia Mutual Insurance Company has sold an office asset located in Pasila, Helsinki to funds managed by Swiss Life Asset Managers Nordic. Originally built in 2008 to serve as Fennia’s headquarters, the modern buildings are currently fully let to Danske Bank, serving as their Finnish headquarters. The LEED certified asset consists of two interconnected six-storey buildings and has a total lettable area of c. 19,000 sq m. Fennia’s direct property portfolio is managed by S-Bank Properties Ltd.

CBRE acted as Fennia’s and S-Bank Properties’ commercial advisor and Borenius Attorneys acted as legal advisor.

“We are pleased with the sale and that Pasilan Visio gains another, professional landlord in Swiss Life. The sale is in line with Fennia’s portfolio strategy and makes room for new investment opportunities,” says Harri Oravainen, Real Estate Investment Director at S-Bank.

James Clarke, Director, Investment Properties at CBRE Finland says: “It was a pleasure advising S-Bank and Fennia on the sale of this landmark headquarter office asset. Backed by strong investment fundamentals, including a long unexpired lease term and an investment grade covenant in Danske Bank, the process demonstrates that well-located assets with strong investment criteria continue to trade well. Congratulations also to Swiss Life on the completion of this acquisition.”

“We are very happy to have found such an attractive investment opportunity in Finland and are very satisfied with the acquisition of Danske Bank’s Finnish headquarters. We will also be looking for more properties in Finland going forward,” says Investment Manager Martin Grimm Strømme from Swiss Life Asset Managers Nordic.

Krogerus Attorneys acted as legal advisor to Swiss Life.