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.”