Patrizia has invested €101 million in a 240-unit prime residential tower in Helsinki, Finland, on behalf of its institutional clients.
The company acquired T7 Tower from SRV, a Finnish developer.
T7 Tower is a 24-storey property, which will be completed end of 2023 and provides 10,112 sq m of high-quality residential space with magnificent views over the city to the Baltic Sea. The modern for rent apartments, which comprise a mix of one, two and three bedrooms, are seeing strong demand from potential tenants, especially families and young professionals. Amenities include a 386 sq m space for children’s daycare.
The property will be built with sustainability at the core of its design, with an A-Class energy certification and BREEAM ‘Very Good’ rating.
T7 Tower is well located in Helsinki’s Kalasatama neighbourhood, six minutes from the central business district. The area is undergoing significant development and benefits from excellent transport links via nearby metro and bus stations, as well as cycle routes, into the city centre.
Johan Öhlund Lagerdahl, Country Head Finland at Patrizia said: “This investment presented us with an exciting opportunity to purchase a modern residential asset with high quality apartments and strong sustainability credentials that benefits from excellent connectivity. The Finnish residential market is supported by strong fundamentals and this latest deal follows our acquisition of a portfolio of multifamily residential properties in Helsinki earlier this year for around EUR 145 million.”
Jörg Laue, Head of Transactions Nordics, commented: “Patrizia has a strong track record over many years in the residential sector and this deep-rooted expertise allows us to source investments across Europe, including in the Nordics, where our footprint has expanded significantly in recent years. And Finland remains a key target for Patrizia and we continue to look for additional investment opportunities as we build our exposure here further.”