Investments

Cavendo has so far executed and managed real estate investments for a total of over EUR 1.000 million for its investors, in deals each ranging from EUR 30 to 400 million in property value.

Our experience and management mandates include office-, retail- and light industrial properties, as well as development projects.

A selection of deals

Kluuvi, Helsinki

Kluuvi Shopping Centre is a building located in downtown Helsinki, CBD which comprises retail- and office units. Kluuvi was acquired by AXA Investment Managers – Real Assets and Cavendo AB in March 2018. Kluuvi currently has the following major tenants, amongst many others; XXL, Alepa, Tiger of Sweden, Lexington as well as several restaurants and cafés. The main entrance is located on Aleksanterinkatu, the main shopping street in central Helsinki.

Some of the office tenants include Next Games, CBRE and Verotoimisto. Metro station (University), and tram stops are in direct proximity of Kluuvi, there is also an underground parking garage underneath the shopping centre, and numerous parking spaces.

Cavendo AB is the Operative Partner in Kluuvi.

Heron City, Stockholm

  • Investors: Varma Mutual Pension Insurance Company, Capman Nordic Real Estate Investment, Cavendo
  • Property value: SEK 930 million
  • Lettable area: 50.000 sqm

In 2016 CMCV, a company jointly owned by Varma, Capman and Cavendo, acquired Heron City in Stockholm from Niam Fund IV. Cavendo is acting as an operating partner for CMCV.

Heron City is a landmark retail centre located in Kungens Kurva, 15 minutes south of Stockholm’s city centre. Kungens Kurva is the busiest retail area in the Nordics, attracting approximately 20 million visitors each year.

Heron City’s main tenants include Sweden’s largest cinema operated by SF Bio, home electronics retailer Media Markt, interior design and furniture retailer Mio, Willys supermarket and sports & outdoor retailer XXL. The total number of visitors to Heron City in 2015 amounted to 7.2 million.

Antilooppi, Helsinki

  • Investor: AMF Pensionsförsäkring
  • Property value: EUR>400 million
  • Lettable area: 230.000 sqm

In 2015 Cavendo provided advice to AMF Pensionsförsäkringar with establishing the office property company Antilooppi in Helsinki together with the Finnish pension insurance company Ilmarinen. At inception, Antilooppi acquired a portfolio of 15 office properties with a total leasable area of 230.000 square meters, at a value of over EUR 400 million from Ilmarinen.

The objective of Antilooppi is to develop a professional in-house organization and grow the company into one of the largest property companies in Finland.

Cavendo has been hired as an operating partner to Antilooppi through its JV-company Exsmith from the start. Exsmith, jointly owned by Cavendo and Mrec, has delivered an interim management platform for Antilooppi which is responsible for sourcing new acquisitions, portfolio management and setting up the in-house organization.

Since inception in May 2015, Antilooppi has recruited 9 employees and is now operating as a full scale property company. It has also made three add-on investments totalling over EUR 100 million.

Antilooppi very well illustrates how Cavendo can create long term value for its partners by sourcing large scale investments opportunities and delivering a management platform that creates structural values and strong operational results.

Merikortteli, Helsinki

  • Investors: Antilooppi
  • Property value: EUR 100 million
  • Lettable area: 27.700 sqm

In December 2016, Antilooppi acquired the Merikortteli office building for approx. EUR 100 million. The 27.700 sqm landmark building was built in 1920 and its location in the Western Inner City of Helsinki in Punavuori complements the portfolio’s other properties well. The Punavuori area and the surrounding harbour are developing rapidly in both a cultural and commercial sense, while also undergoing a massive residential expansion, which further adds to the property’s long term development potential. The property features a whole city block and it is one of the most architecturally striking industrial buildings in Helsinki with its brick façade and high ceilings. The building is let to several tenants and the majority of the tenants are in creative businesses, such as media, design and communications. Tenants in Merikortteli include Aller Media, N2 Helsinki, Hasan&Partners and Spotify.

Hagnäs Square, Helsinki

  • Investor: Antilooppi
  • Proparty value: EUR 30 million
  • Lettable area: 23.000 sqm

An inner city block at Hakaniemi square in Helsinki was acquired for EUR 30 million in February 2016 as one of the three add-on investments to Antilooppi thus far completed. The properties are located in the corner of Siltasaarenkatu and Paasivuorenkatu and include, amongst others, a former Sokos department store as well as the Service Union United PAM headquarters. The block consists of three properties and has long-term development potential. With this acquisition, Antilooppi owns an area of 70.000 sqm in the vicinity.