News

Pekka Salakka joins Cavendo's Organization

Pekka Salakka has joined Cavendo as a Senior Advisor and as chairman for the Finnish Subsidiary Cavendo Oy. Pekka Salakka has previously held leading positions at e.g. Capman and most recently Niam, as the role of Head of Finland.

-We are very pleased for being able to welcome Pekka with all his experience to us at Cavendo. With Pekka, we reinforce our capacity and expand our network in Finland further. This enables us to increase the volume of business and further our position in the increasingly competitive Helsinki market, says Joakim Karlsson, MD at Cavendo.

Cavendo has participated in real estate transactions for approx. EUR 1 bn since its inception in 2014. Cavendo manages and co invests in, together with AXA IM Real Assets, the Kluuvi block in central Helsinki. In Stockholm, Cavendo manages and co invests in Heron City together with CapMan and Varma.

AXA IM - Real Assets acquires Kluuvi mixed-use property in Helsinki

AXA IM – Real Assets, acting on behalf of one of its clients, has completed the acquisition of the Kluuvi retail and office asset in the centre of Helsinki, Finland.

The 18,600 m² seven-storey asset is spread across five separate buildings, with interconnected floors between the basement level and third floor, which comprises the 10,200 m² retail space known as Kluuvi. The 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. The property also features an 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.”

Cavendo advise Schroder Real Estate in acquiring a core office Portfolio in Helsinki

Cavendo has acted as buy side advisor to Schroder Real Estate in acquiring a core office portfolio of nine assets in Helsinki from private equity real estate firm Niam. The purchase price was approximately EUR 150 million.

Schroders acquired the properties on behalf of Schroder Nordic Real Estate Fund, a German Special-Alternative Investment Fund. The assets are well located with a majority of the value in central Helsinki. The portfolio is let to a variety of occupiers from different sectors including Mandatum, Sito, European Union and Respecta, with lease covenants providing a long term cash flow with upside potential.

The assets have a total lettable area of 52,750 sqm and are split into eight offices and one mixed space.

Eva Granlund, Head of Nordic Real Estate Investment at Schroder Real Estate, adds: “The Finnish economy is improving and we are positive about the long term outlook for this market. Helsinki is an attractive investment market with remaining upside potential.”
Joakim Karlsson, Cavendo, adds: ”It has been a pleasure to work together with Schroders in this deal. Investors’ interest in Helsinki is growing rapidly, and we are delighted for having been given the confidence to participate in another deal in Helsinki, this time by Schroders.”

Cavendo has participated in office transactions in Helsinki for a value of about EUR 900 million since 2015.

Antilooppi acquires Merikortteli office block in Helsinki

Antilooppi has acquired a landmark office property in Helsinki from CBRE Global Investors for approx. EUR 100 million.

The 27,700 sq m building is built in 1920 and it is located in the Western Inner City of Helsinki in Punavuori. 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.

“Merikortteli is an excellent addition to the Antilooppi’s Helsinki Metropolitan Area portfolio. Merikortteli is a well-known landmark building and it considerably strengthens Antilooppi’s footprint in the Western Inner City of Helsinki. The property has a high profile and a strong tenant base, but it also holds long term development opportunities. The Punavuori area in Western Helsinki and the surrounding harbour are developing rapidly in both cultural and commercial sense, while the area is also undergoing a massive residential expansion.” comments Tuomas Sahi, CEO of Antilooppi.

Antilooppi’s advisor in the acquisition was Exsmith Oy.

 

Media release September 1st 2016 at 8.30 - Varma, CapMan Nordic Real Estate Fund and Cavendo partnership acquires Heron City in Stockholm

Varma, CapMan Nordic Real Estate Fund and Cavendo have purchased Heron City, the 49,400 sqm landmark retail centre located in Kungens Kurva, Stockholm from NIAM for SEK 930 (EUR 98) million.

“We are delighted to have completed this acquisition with both our long standing partner and investor Varma and our new partner Cavendo, who will take responsibility for asset management at the centre. With all of the opportunities it presents, Heron City is a great fit with our value-add strategy,” comments Ed Williams, Senior Partner at CapMan Real Estate.

Kungens Kurva is 15 minutes South of Stockholm’s city centre and is the busiest retail area in the Nordics with approximately 20 million visitors a year. The area is anchored by the largest IKEA store in the world and the catchment area includes 1.5 million people within a 30-minute drive.

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. With a distinct retail and leisure offering, Heron City complements the other retail centres in the area and has benefited from increasing visitor numbers and turnover as Kungens Kurva has expanded in recent years. Visitors to Heron City in 2015 amounted to 7.2 million. The property will benefit from significantly improved accessibility and catchment area over the coming years with the completion of the The Stockholm bypass infrastructure project.

“Varma is one of the leading real estate investors in Finland but has been actively pursuing opportunities to expand our international diversification recently. With the excellent and continually improving retail dynamics in the Kungens Kurva area, we are excited to be increasing our retail exposure to Southern Stockholm. Working together with CapMan and Cavendo we aim to make this transaction a success”, says Ilkka Tomperi Varma’s investment director in charge of real estate investments.

“We are very proud to form this partnership with Varma and CapMan. Heron City is a property with strong fundamentals, which at the same time offers value-add opportunities through active asset management, which fits perfectly with Cavendo’s investment philosophy.  We look forward to realising Heron City’s full potential together with our partners,” says Joakim Karlsson, Managing Director at Cavendo.

“Real estate suits well into our wider investment portfolio and our recent international investments across Western Europe have performed well benefiting from the good underlying fundamentals of many of these growing markets,” comments Ilkka Tomperi.

For further information, please contact:

Ilkka Tomperi, Investment Director Real Estate, Varma, tel. +358 50 379 1903
Leena Rantasalo, Communications Manager, Varma, tel. +358 50 300 7980
Ed Williams, Senior Partner, CapMan Real Estate, tel. +46 (0)8 445 1051
Joakim Karlsson, Managing Director, Cavendo, tel. +46 (0)736 99 13 70

Varma Mutual Pension Insurance Company is the most solvent earnings-related pension company and largest private investor in Finland. The company is responsible for the statutory earnings-related pension cover of some 860,000 people in the private sector. Premiums written totalled EUR 4.6 billion in 2015 and pension payments stood at EUR 5.2 billion. Varma’s investment portfolio amounted to EUR 41.2 billion at the end of June 2016. Varma is one of the largest property owners in Finland with a total real estate portfolio of EUR 3.8 billion.

Varma.fi / Real Estate: https://www.varma.fi/en/other/kiinteistot/real-estates/
Financial information and investments: https://www.varma.fi/en/other/about-varma/financial-information-and-investments/
Annual report 2015 / Real estate investments: http://annualreport.varma.fi/2015/investments/real-estate-investments/

CapMan www.capman.com

CapMan is a leading Nordic investment and asset management company. For more than 25 years, we have been developing companies and real estate and supporting their sustainable growth. We are committed to understanding the needs of our customers in an ever-changing market environment. Our objective is to provide attractive returns and innovative solutions for our investors and value adding services for professional investment partnerships, growth-oriented companies and tenants. Our independent investment partnerships – Buyout, Real Estate, Russia and Nest Capital – as well as our associated company Norvestia are responsible for investment activities and value creation. CapMan’s service business offering includes fundraising advisory services, purchasing activities and fund management services to both internal and external customers. CapMan has 100 professionals and assets under management of €2.8 billion.

Cavendo www.cavendo.se

Cavendo AB is an independent investment advisory and asset management firm based in Stockholm. The team has a broad experience of acquiring and managing commercial real estate in the Nordic region. Cavendo was founded in 2014 and its clients include Nordic institutions such as AMF Pensionsforsakring and Ilmarinen and more recently, Varma and CapMan.

Antilooppi continues to grow in the Helsinki Metropolitan Area by acquiring landmark properties in the Hakaniemi area

Antilooppi has as of today purchased three landmark properties at the Hakaniemi square in Helsinki with a purchase price exceeding EUR 30 million. The properties are located at the following adresses: Siltasaarenkatu 6, Siltasaarenkatu 8–10 and Paasivuorenkatu 4–6. After the acquisition Antilooppi is the sole owner of Siltasaarenkatu 6 and the majority shareholder in the Siltasaarenkatu 8–10 and Paasivuorenkatu 4–6 properties.

The acquired properties include among others former Sokos department store as well as the Service Union United PAM headquarters. The total lettable area is approximately 27.000 m², of which 23.000 m² changed ownership in the transaction. Sellers in the transaction are Helsinki Cooperative Society Elanto, Service Union United PAM, Finnish Paper Workers’ Union, Finnish Food Workers’ Union, PAM Unemployment Fund and the Trade Union for the Public and Welfare Sectors.

In connection with the transaction Antilooppi signed long-term lease agreements with Helsinki Cooperative Society Elanto, to secure key services in the area such as supermarket and other daily services. Antilooppi is already a significant landlord in the Hakaniemi area by owning landmark properties such as Ympyrätalo, Siltasaarenkatu 12 and Paasivuorenkatu 3.

Exsmith Oy, a company operated by Cavendo AB and Mrec Oy, is responsible for interim management of Antilooppi.

For more information:

Joakim Karlsson, +46 73 699 1370 jk@cavendo.se

Antilooppi continues agile growth in the Helsinki Metropolitan Area by acquiring a landmark office building from Auratum

Newly established real estate company Antilooppi continues rapid growth by acquiring Hämeentie 19 near Sörnäinen metro station from fund managed by Auratum Kiinsteistöt Oy. The acquired property comprises of three attached buildings with a lettable area of approximately 22.500 sqm. Hämeentie 19 was originally constructed in several phases since 1933 and it has been extensively renovated in recent years. The property houses currently several tenants including Restel Oy, Seure Henkilöstöpalvelut Oy as well as City of Helsinki department of Social Services and Healthcare.

Acquisition is in line with the Antilooppi’s growth strategy to acquire, develop and manage office properties with good transportation links and trend of urbanization in the Helsinki Metropolitan Area. The strategy of Antilooppi is to become one of the largest property investment companies in Finland within the next five years. Antilooppi is already a remarkable office space provider also in the eastern inner city area by owning properties in Hakaniemi and Kalasatama including e.g. Ympyrätalo and Sörnäistenkatu 1 among others.

The transaction value is roughly EUR 50 million reflecting net initial yield of 7,3%. After the acquisition Antilooppi holds in total of 16 assets valued nearly EUR 500 million with a lettable area of approximately 250.000 sqm. Antilooppi is continuously looking for new office opportunities in the Helsinki Metropolitan Area for long term ownership and development.

Antilooppi was advised by its operating partner Exsmith Oy, a company jointly owned by Cavendo Ab and Mrec Oy.

For more information, please contact:
Joakim Karlsson, +46 73 699 1370 jk@cavendo.se

Cavendo hires Markus Wikstrand

Cavendo has hired Markus Wikstand for a role focused on investment analysis and business control. Markus joins Cavendo after having worked for four years at Niam´s Finance department, and holds a M.sc. degree from the Stockholm School of Economics.

Antilooppi - A new major property company in Helsinki.

Pension insurance companies Ilmarinen and AMF Pensionsforsäkring establish property company Antilooppi

As stated in a press release published in May, two of the leading pension insurance companies in the Nordic countries – Finnish Ilmarinen and Swedish AMF Pensionsforsäkring – have co-founded the property company Antilooppi focused on the Helsinki area office market.

“The objective of Antilooppi is to create an active and responsible operator in the Helsinki metropolitan area office sector. We want to commit to long-term cooperation with our existing and new clients. There is plenty of room for a new company in the office sector and we have an ambition to develop and grow the company over time”, says Tomi Aimonen, Property Director at Ilmarinen

The seed property portfolio of Antilooppi has been acquired from Ilmarinen and consist of 15 office properties with a total leasable area of 230,000 square meters with a value of over 400 million euro.

Antilooppi is now fully operational independent business under the ownership of the two pension insurance companies. The company is growing its in-house organization and will develop into a full scale property company. So far the company has recruited three asset managers and further recruitment processes are ongoing. The headquarters of Antilooppi is located on Tammasaarenkatu 3 in Ruoholahti.

Exsmith Oy, a company jointly owned by Cavendo AB and Mrec Oy, has been hired as an operating partner of Antilooppi. Exsmith will deliver an interim management platform for Antilooppi. This will include sourcing of new acquisitions, portfolio management and building up the in-house organization.

“The ambition is to grow Antilooppi significantly to become one of the largest property investment companies in Finland within the next five years.” says Aimonen.

“We see an interesting trend of metropolization in Finland and believe that Helsinki will continue to grow and benefit from that. This is a great opportunity for us to enter the Helsinki office market with a long-term perspective together with Ilmarinen,” says Martin Tufvesson Head of Real Estate Asset Management at AMF.

For further information, contact:
Joakim Karlsson, MD Cavendo, tel +46 736 99 13 70

Breakthrough transaction for Cavendo in Helsinki – Advisor to AMF in property deal worth EUR 400 million

The newly started company Cavendo has been appointed advisor to AMF in conjunction with its establishment in the Helsinki office market in collaboration with the Finnish pension company Ilmarinen. AMF is to acquire 50% ownership of a property portfolio in Helsinki. The portfolio comprises 15 office properties with a total property value corresponding to over EUR 400 million.

The Finnish pension company Ilmarinen is the seller of the properties and will, in parallel, become a 50% owner of the jointly owned company with AMF. Cavendo has served as the commercial advisor to AMF in the acquisition and will now deliver a management platform to AMF and Ilmarinen’s joint company.

“It is a major breakthrough for us to be entrusted with assisting two such well recognized institutional investors in a cross-border joint venture,” says Joakim Karlsson, Managing Director of Cavendo.

The property portfolio encompasses a total of 250,000 square meters of lettable space. In cooperation with the Finnish consultancy firm Mrec, Cavendo will now assist AMF and Ilmarinen in their efforts to build up a long-term and local organization tasked with managing and further developing the properties. The objective is also to gradually expand the property portfolio.

Cavendo was founded in autumn 2014 by Joakim Karlsson, Martin Lindblad and Urban Ehrling. They have a common background from Niam, one of Northern Europe’s leading private equity real estate firm.

“We have been monitoring the Finnish market for many years and have been involved in a number of interesting transactions in Helsinki. For some time now, we have been expecting to see growing interest from Swedish and other international investors, given our long-term confidence in the Helsinki property market” says Joakim Karlsson.

Cavendo offers advisory services and strategic management services for institutions and other owners of commercial properties. The company has operations in Stockholm and Helsinki.

For further information, contact:
Joakim Karlsson, MD Cavendo, tel +46 736 99 13 70
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