Patrizia sells Itamerenkatu 5 office in Helsinki for €41m
Special Investment Fund eQ Finnish Real Estate purchased the Itamerenkatu 5 office building in Helsinki’s Ruoholahti district from Patrizia Immobilien AG for €41m. The LEED Gold property offers more than 8,800 sqm of leasable space. Patrizia acquired the asset in 2016 and made several upgrades to the building over the last two years, including a full refurbishment of the lobby and restaurant.
“We have transformed this property into a desirable office location in Helsinki and believe that now is the right time to take advantage of market conditions and to crystalize the value we have created,” said Essi Sten, country manager and head of asset management for Finland at Patrizia. “We still hold over 55,000 sqm of leasable space in Finland, which largely comprises offices within the Helsinki Metropolitan Area, and are actively looking to acquire more assets across multiple sectors, where we see an opportunity to drive income and values.”