CCP 5 LL, the core-plus perpetual fund advised by Tristan Capital Partners has acquired a group of office buildings, including three parking sites with unconditional development rights, in Helsinki, Finland.
Tristan will team up with Trevian Asset Management as local asset manager on the further development of Spektri. Spektri consists of five modern office buildings comprising c. 35,000 sqm net lettable area and is located in Otaniemi, the western business district of Helsinki.
The buildings were substantially refurbished in 2017 creating a full-service business destination, with new modern restaurants, a large auditorium, meeting rooms, a high-quality gym, co-working space, a yoga studio, beauty & medical facilities, saunas and one of the best parking ratios in the western Helsinki business district.
Anne-Jan Jager, Director at Tristan, said: “Spektri is an exciting investment opportunity that provides a strong, diversified cashflow from 110 companies and has a 90% occupancy. With circa 2,000 professionals, Spektri is an established and important employment center in Helsinki and the development rights will provide the opportunity to expand the ongoing mixed-use transformation of the area.”
Reima Söderholm, CEO at Trevian said: “Otaniemi-Keilaniemi has built a strong reputation over the past decade as the place where well-known education, research and a wide range of corporate, technology and start-up companies converge, making Spektri an exciting project. With our 50-person team in Helsinki, we look forward to widening our existing co-operation with Tristan on developing Spektri further as one of the best business locations in the western Helsinki area.”
The transaction marks the 19th transaction of Tristan in the Nordics since inception. The total value of the pan-European investment manager’s deals in the Nordic markets now stands at over €1.5 billion.
Tristan was advised by Merilampi Attorneys, WSP, PWC and CBRE Finland. Financing was provided by Danske Bank A/S, Finland Branch as Lender.