Real I.S. AG has acquired an office building in Helsinki for the real estate special AIF BGV VIII Europa – its first acquisition in Finland. Seller is the Dutch developer RED Concepts. The purchase price was not disclosed.
The total rental area of the property is 2,313 square metres, which is divided into a ground floor, five upper floors and a basement. There are also 42 car parking spaces. The property is let on a long-term lease to Sulake Oy, part of Holland’s Azerion Group, a developer of video games and digital advertising.
Built in 1924 and designed by renowned Finnish architect Lars Sonck, the historic property is located in Helsinki’s Töölö quarter, near the central business district. It was originally used as a printing works. Having been used as an office building by the City of Helsinki for many years, the property was fully renovated to modern standards by RED Concepts in 2020/2021 for the new tenant Sulake. Refurbishment was completed in February 2021. The goal is to achieve certification to at least BREEAM (Building Research Establishment Environmental Assessment Methodology) ‘Good’ standard.
“Helsinki is not only the capital but also the economic centre of Finland. By making this acquisition in the Töölö quarter, we have secured a modern and fully let property in a very central location, as a successful entry into the Finnish market,” explained Axel Schulz, Global Head of Investment at Real I.S. AG.
In cooperation with the Finnish architect Kari Lappalainen, RED Concepts successfully realised an office campus that combines Finnish culture with high-tech requirements, modern interior design and the characteristic architecture of the building itself. While the original brickwork has been retained, all 150 windows have been restored and the walls have been covered in reindeer moss.
Gawein Minks, RED Concepts director, adds: “Real I.S. and RED share the same ambition on the quality and sustainability fronts. This is why we are convinced that this office campus, which is completely geared to its users, fits Real I.S. like a glove. We are proud that, together with the international team, we successfully realised this exceptional project. And the sustainability is not just anchored in the building itself, as our client, Azerion, will not only be offering workstations to Sulake employees, but also to those of other game-related start-ups”.
The office property benefits from its very good transport links and accessibility, due to several tram and bus stops in the direct vicinity. The main railway station is just under ten minutes’ walk from the property, as are a number of restaurants and shopping facilities.
Real I.S. AG was advised on legal aspects of the transaction by DLA Piper, on tax issues by PwC, on technical matters by Drees & Sommer and on the commercial side by Newsec. Newsec Helsinki also provides property management services for the building.