Press Release

CBRE Advises YIT on the Sale of an Office Property in Pasila, Helsinki to Fennia Mutual Insurance Company

October 6, 2023

Media Contact

Yvonne Ehinger

Head of Marketing & Comms, Sweden & Nordics

Photo of yvonne-ehinger

YIT has sold an office property in Pasila, Helsinki, to Fennia Mutual Insurance Company. Originally built in 1987 to serve as Yhtyneet Kuvalehdet media group’s headquarters, Maistraatinportti 1 provides a modern ESG compliant property with fully refurbished multi-let premises tailored to the latest standards. The property is an eight-story building with a total lettable area of c. 12,400 sq m. Fennia’s direct property portfolio is managed by S-Bank Properties Ltd. 

The carbon footprint of the construction phase of the renovation project is estimated to be around 75% lower than similar new buildings. LEED Gold environmental certification is being sought for the project.

CBRE acted as YIT’s exclusive commercial advisor, and Hannes Snellman Attorneys acted as the legal advisor.

“We are extremely pleased with the sale and that Maistraatinportti 1 gains a new professional and well-suited landlord after our redevelopment. The sale is in line with YIT’s strategy and continuance of our successful property development,” says Hedi Grass, Transaction Manager at YIT.

Ilpo Münster, Head of Investment Properties, CBRE Finland, says: “It was a pleasure advising YIT on the sale of this sustainable major office redevelopment. Backed by strong investment fundamentals, including ESG compliant specifications and fully refurbished modern premises with the highest standards, the process demonstrates that well-located assets with strong investment criteria continue to attract capital and trade well. Congratulations also to Fennia on the completion of this acquisition.” 

“We are very happy to continue our strong presence and foothold in Pasila through this attractive investment opportunity and are very satisfied with the acquisition,” says Real Estate Investment Director Harri Oravainen from S-Bank.

Aleksandra Attorneys acted as legal advisor to Fennia and S-Bank Properties.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at cbre.com