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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 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 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.

I augusti genomförde Cavendo sin första affär i Sverige när ett av Varma, CapMan Nordic Real Estate och Cavendo samägt bolag köpte köpcentrumet Heron City i Stockholm för SEK 930 miljoner.

”Efter att ha haft fokus på Helsingfors sedan starten för två år sedan breddas nu Cavendos verksamhet genom att vi genomför vår första affär i Stockholm, helt i linje med vår strategiska målsättning att vara aktiva i både Stockholm och Helsingfors”, säger VD Joakim Karlsson.

Samtidigt förstärker Cavendo sin organisation, i september ansluter Antony Pastiroff som partner. Antony har en gedigen erfarenhet från både asset management och transaktioner och har tidigare bedrivit egen verksamhet för kunder så som Pembroke och CBRE Global Investors. Han har också mångårig erfarenhet från ledande befattningar inom EFM och Jones Lang Lasalle.

Cavendo har hittills primärt fokuserat på uppdraget att bygga upp det finska fastighetsbolaget Antilooppi för ägarna AMF Pensionsförsäkring och Ilmarinen. Sedan Antilooppi grundades under våren 2015 har en intern organisation rekryterats och Antilooppis fastighetsbestånd har växt med ungefär EUR 140 miljoner genom tre olika tilläggsförvärv. Det operativa ansvaret för Antilooppi kommer nu helt att övertas av den interna organisationen.

”Vi är stolta över det förtroende som AMF och Ilmarinen har givit oss och över de resultat som vi har kunnat medverka till under Antilooppis första år”, säger Joakim Karlsson

Cavendo bildades 2014 och har sedan starten medverkat i fastighetsförvärv till ett värde om totalt EUR 650 miljoner i Stockholm och Helsingfors.

Kontakt:

Joakim Karlsson, Partner – VD
Mobil: +46 736 99 13 70

Antony Pastiroff, Partner – Asset Management
Mobil: +46 730 32 24 34

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, Antilooppi Oy, Ilmarinen, Varma and CapMan.

Birger Jarlsgatan 32b, 114 29 Stockholm      www.cavendo.se

Ett av Varma, CapMan Nordic Real Estate och Cavendo samägt bolag köper det 49 400 kvadratmeter stora köpcentrumet Heron City beläget i Nordens största handelsområde, Kungens Kurva i Stockholm. Säljare är fastighetsfonden NIAM och priset uppgår till 930 miljoner kronor (98 miljoner euro).

– Vi är mycket glada över samarbetet med vår långsiktiga partner och placerare Varma samt vår nya partner Cavendo, vilka ansvarar för att realisera en utvecklingsplan för köpcentrumet. Vi ser flera utvecklingsmöjligheter för Heron City och därför passar det utmärkt ihop med vår value-add strategi, kommenterar senior partner Ed Williams på CapMan Real Estate.

Kungens Kurva är ett handelsområde i södra Stockholm på 15 minuters avstånd från city med cirka 20 miljoner besökare per år. Här finns bland annat världens största IKEA-varuhus, och upptagningsområdet utgörs av 1,5 miljoner människor inom ett 30 minuters köravstånd.

Heron Citys största hyresgäster är SF Bio med Sveriges största biograf, elektronikkedjan MediaMarkt, inrednings- och möbelkedjan Mio, dagligvarukedjan Willy’s och sportkedjan XXL. Tack vare sin attraktiva butiksmix har Heron Citys besökarantal och omsättning vuxit i takt med de senaste årens expansion av Kungens Kurva. 2015 hade Heron City 7,2 miljoner besökare. Köpcentrumet kommer dessutom att gynnas av infrastrukturprojektet Förbifart Stockholmvilket kommer att innebära avsevärt förbättrade förbindelser och ett utökat upptagningsområde.

– Varma hör till de ledande fastighetsplacerarna i Finland, men vi söker aktivt möjligheter att sprida våra fastighetsplaceringar även internationellt. Att utöka placeringsportföljen i det etablerade och växande området Kungens Kurva i södra Stockholm är en spännande möjlighet för oss. Samarbetet med CapMan och Cavendo ger oss goda förutsättningar för att utveckla fastigheten, kommenterar Ilkka Tomperi, direktör med ansvar för Varmas fastighetsplaceringar.

– Vi är stolta över att inleda ett samarbete med Varma och CapMan. Heron City är en fastighet med starka fundamenta samtidigt som det finns goda möjligheter att skapa mervärden genom en aktiv förvaltning, vilket går väl ihop med Cavendos placeringsfilosofi. Vi ser fram emot att utveckla fastigheten till sin fulla potential i samarbete med våra partners, kommenterar Joakim Karlsson, VD på Cavendo.

– Fastighetsplaceringar passar utmärkt i vår placeringsportfölj. Våra senaste internationella placeringar i Västeuropa har dragit nytta av den positiva utvecklingen på marknaden, och avkastningsutvecklingen har varit god, kommenterar Ilkka Tomperi.

Ytterligare information:

Ilkka Tomperi, direktör med ansvar för fastighetsplaceringar, Varma, tfn 050 379 1903
Ed Williams, senior partner, CapMan Real Estate, tfn +46 (0)8 445 1051
Joakim Karlsson, verkställande direktör, Cavendo, tfn +46 (0)736 99 13 70
Leena Rantasalo, kommunikationschef, kommunikationspartner, Varma, tfn 050 300 7980

 Varma.fi / fastigheter: https://www.varma.fi/sv/andra/fastigheter/fastigheter/

Resultatuppgifter och placeringar:
https://www.varma.fi/sv/andra/om-foretaget/resultatuppgifter-och-placeringar/
Årsredovisning 2015 / Fastighetsplaceringar: http://arsredovisning.varma.fi/2015/

Ömsesidiga arbetspensionsförsäkringsbolaget Varma är det mest solventa arbetspensionsbolaget och den största privata placeraren i Finland. Bolaget sköter arbetspensionsskyddet för cirka 860 000 personer inom den privata sektorn. År 2015 uppgick Varmas premieinkomst till 4,6 miljarder euro och pensioner utbetalades för 5,2 miljarder euro. Värdet på Varmas placeringar var 41,2 miljarder euro i slutet av juni 2016. Varma är en av de största fastighetsplacerarna i Finland med en fastighetsportfölj på cirka 3,8 miljarder euro.

CapMan www.capman.fi

CapMan är ett ledande nordiskt investerings- och förvaltningsbolag. I mer än 25 år har vi utvecklat företag och fastigheter och främjat deras hållbara tillväxt. Vårt engagemang bygger på att förstå våra kunders behov på en ständigt föränderlig marknad. Vårt mål är att förse våra investerare med attraktiv avkastning och innovativa lösningar samtidigt som vi erbjuder värdefull service för investeringspartnerskap, tillväxtorienterade företag och hyresgäster. Våra självständiga investeringspartnerskap – Buyout, Real Estate, Russia och Nest Capital – samt vårt intressebolag Norvestia ansvarar för investeringar samt värdeskapande. CapMans tjänster inkluderar finansiering, inköpsverksamhet och fondförvaltning för både interna och externa kunder. Vi sysselsätter cirka 100 professionella kapitalinvesterare och förvaltar fonder till ett sammanlagt värde av cirka 2,8 miljarder euro.   

 Cavendo www.cavendo.se

Cavendo AB är ett självständigt rådgivnings- och kapitalförvaltningsbolag baserat i Stockholm. Teamet har en bred erfarenhet av att köpa och utveckla kommersiella fastigheter i Norden. Cavendo grundades 2014 och bolagets kunder inkluderar nordiska institutioner som AMF Pensionsförsäkring, Ilmarinen, Varma och CapMan.

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

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 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.

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

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
© Cavendo AB, 2016. All rights Reserved