Acquisition of Kluuvi retail and office asset in Helsinki
AXA Investment Managers - Real Assets completes acquisition of Kluuvi retail and office asset in Helsinki
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed, on behalf of one of its clients, the acquisition of the Kluuvi retail and office asset in the centre of Helsinki, Finland.
The 18,600 sqm seven-storey asset is spread across five separate buildings, with interconnected floors between the basement level and third floor, which comprises the 10,200 sqm retail element of the scheme, known as Kluuvi. The well-let office premises are located from the third to seventh floors, accounting for 39% of GLA.
The asset has undergone significant renovations in recent years to modernise the retail element as well as enhance the office space, façade and internal ventilation systems. It comprises 38 retail and office units, which are 91% let to a range of high quality local and international retail tenants and office occupiers, with underground parking for 107 cars.
Kluuvi is located on one of the most prominent retail streets in the heart of Helsinki’s CBD and is only 100 metres from the Helsinki Senate square, one of the top tourist attractions in Finland. It also benefits from access to strong transport links with the metro-station right outside the property and the Helsinki Central railway station only a few minutes’ walk away.
AXA IM - Real Assets has worked together with the Nordic investment manager Cavendo on this transaction. Cavendo will assume the role of operating partner and will be involved in implementing the business plan.
Fredrik Söderlund, Country Head, Nordics at AXA IM - Real Assets, commented: “This acquisition further demonstrates our confidence in the Nordics real estate market, which continues to present potential attractive investment opportunities across an increasingly broad range of asset classes that allow us to diversify our sector exposure to this robust region, as we look to create maximum value for the benefit of our clients.”
“We believe that the asset’s prominent location in one of Helsinki’s most sought after retail and office locations, coupled with the wider economy’s continued robust performance, provide us with an opportunity to enhance both income and value through asset management on behalf of our client.”
– ENDS –
(1) Source: INREV/ANREV Fund Manager Survey – May 2017 – in terms of assets under management
AXA Investment Managers - Real Assets
Charline Coué, Media Relations Manager
Jocelyne Tamssom, Head of Communications
Tel +33 1 44 45 97 95
FTI Consulting Inc.
Richard Sunderland, Richard Gotla, Ellie Sweeney, Tom Gough
Tel: +44 20 3727 1000
Note to editors
AXA Investment Managers is an active, long-term, global multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €746 billion in assets under management as at end of December 2017(1), AXA IM employs over 2,390 employees around the world and operates out of 30 offices across 21 countries.
AXA Investment Managers - Real Assets has €76 billion in assets under management, including €57.9 billion in direct property & infrastructure and €14.2 billion in real asset finance as of end of December 2017(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 650 people in 13 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.
AXA Investment Managers is part of the AXA Group, a global leader in financial protection and wealth management.
Visit our websites: www.axa-im.com / https://realassets.axa-im.com
Follow us on Twitter @AXAIM / @AXAIMRealAssets to get our latest information
(1) Source: AXA IM unaudited data
(2) Source: AXA IM - Real Assets unaudited data
(3) Source: INREV/ANREV Fund Manager Survey – May 2017 in terms of assets under management
This document is aimed solely at the media and is for information purposes only. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. They do not necessarily represent the views of any company within the AXA Investment Managers Group and may be subject to change without notice. This does not constitute a Financial Promotion as defined by the Financial Conduct Authority. This is for information purposes only. No financial decisions should be made on the basis of the information provided. Past performance is not necessarily representative of future results: performance is not constant over time and the value of investments may fall as well as rise.