News & References

2018

Genesta acquires logistics property from J.P. Morgan

Aleksandra advised GNRE Fund II, a Luxembourgian fund managed by Genesta, on its acquisition of the 66,680 square metre logistics property Juvan Teollisuuskatu 25 located in Espoo, Finland. The seller was a fund managed by J.P. Morgan Asset Management.

2017

UB Nordic Property carries out forward funding development project in Sweden

Aleksandra advised special investment fund UB Nordic Property on its investment in a research, development and office development project in Sweden by way of a forward-funding transaction. The research, development and office centre is constructed for a subsidiary of Cargotec Corporation. Simultaneously with the entering into of the project, a long-term triple net lease agreement was signed with the subsidiary of Cargotec Corporation. The project is expected to be completed during the autumn of 2018.

Veritas invests and finances major development project in Espoo

Aleksandra advised Veritas Pension Insurance Company on its investment and financing of a development project in Espoo, Finland, comprising of a high-end, 192-room hotel, and two apartment hotels to be built to the west of the Matinkylä metro centre and the Iso Omena shopping centre extension. The project also includes a new shared underground car parking facility with a capacity for 231 vehicles. The project is expected to be completed by the end of 2020 and has a total project value of approximately EUR 60 million. Aleksandra also advised Veritas in relation to the financing of the development project.

Exilion divests landmark headquarter property to Deutsche

Aleksandra advised Exilion on its disposal of a landmark headquarter property, known as the former headquarters of Nokia Corporation, comprising of two office buildings and a parking facility located in Keilaniemi, Espoo, to a fund managed by Deutsche Asset & Wealth Management. The office buildings have a lettable area of approximately 31,000 square metres and the parking house has approximately 1,250 parking spaces. The total underlying property value for the transaction was approximately EUR 164 million, corresponding to a net initial yield of approximately 4.65 per cent.

The property now sold is a part of the entity Exilion acquired from Nokia Corporation in 2012. One of the office buildings in the entity was sold by Exilion in 2014 to a fund managed by AXA Real Estate. In addition to the property now sold, partners at Aleksandra Attorneys also advised Exilion in both the initial acquisition from Nokia Corporation in 2012 and the office building sold to AXA in 2014.

Fennia divests core office property to Varma

Aleksandra advised Fennia Mutual Insurance Company on its disposal of a prime office building located at Eteläesplanadi 8, in the central business district of Helsinki, Finland, to Varma Mutual Pension Insurance Company. Fennia has completed a major refurbishment of the building. The office building has approximately 5,400 square metres of leaseable office and retail space added with approximately 1,300 square metres of meeting and other shared facilities.

OP Group disposes office properties to Antilooppi

Aleksandra advised entities belonging to the OP Group on their disposal of office properties to Antilooppi Ky. The properties are located in the Helsinki metropolitan area, and the combined lettable area is approximately 15,900 square metres. The sale was part of a series of transactions where Finland’s largest financial group executed the disposal of a major office portfolio.

OP Group disposes office property to eQ Finnish Real Estate

Aleksandra advised entities belonging to the OP Group on their disposal of an office property to Special Investment Fund eQ Finnish Real Estate. The property is BREEAM certified with a total lettable area of approximately 6,800 square metres. It is part of a modern business park complex in the Aviapolis office district in Vantaa, Finland. The sale was part of a series of transactions where Finland’s largest financial group executed the disposal of a major office portfolio.

Antilooppi disposes light industrial property to Murata

Aleksandra advised Antilooppi Ky, a major Finnish property investor founded by two of the largest pension insurance companies in the Nordic countries, Finnish Ilmarinen and Swedish AMF Pensionsforsäkring, on its disposal of a light industrial property to an affiliate of Murata Manufacturing Co., Ltd. The total area of the property is 23,500 square metres.

CapMan funds dispose two office properties to Areim

Aleksandra advised Capman Real Estate I Ky and CapMan RE II Ky, two real estate funds managed by CapMan, on their divestment of two office properties in Helsinki (Elimäenkatu 9 and 15), Finland to a Swedish fund managed by Areim. The joint total area of the properties is 25,200 square metres.

Exilion develops a major hotel complex in historic Helsinki central railway station

Aleksandra represented Exilion in negotiations regarding both the long-term lease agreement and project agreement regarding the development of a hotel in downtown Helsinki, Finland. A limited partnership, with Exilion, Elo Pension Company, the State Pension Fund of Finland and Veritas Pension Insurance, as limited partners, is developing one of Finland’s largest hotels in the historic Helsinki central railway station. The project covers an overall lettable area of approximately 25,000 square metres and has almost 500 hotel rooms. The hotel under development has been leased to Scandic Hotels Oy, an affiliate of Scandic Hotels Group Ab (Publ), with a long-term lease agreement.

Aleksandra lawyers recognised by Best Lawyers

Aleksandra’s lawyers have received endorsements in the eighth edition of Best Lawyers in Finland.

Rami Laatsalo (Real Estate Law)

Samuli Palin (Mergers and Acquisitions Law, Private Equity Law, Real Estate Law and Venture Capital Law)

The list of Best Lawyers is based entirely on peer review in which leading lawyers already highlighted in the publication evaluate their professional peers.

Exilion completes Tripla hotel project

Aleksandra advised Exilion on the closing of the agreements to implement a hotel for the Tripla project in Helsinki, Finland. The value of the project is approximately EUR 88 million.

CapMan exits major shopping centre Skanssi to CBRE Global Investors

Aleksandra advised Capman RE II Ky on its disposal of major shopping centre Skanssi, located in Turku, Finland, to a fund managed by CBRE Global Investors. Skanssi shopping centre has a LEED Platinum rating and contains a wide range of stores specialising in fashion, home décor and leisure, as well as several services, including citizen service, restaurants, a bank and a hypermarket. Shopping centre Skanssi has a lettable area of approximately 37,230 square metres

Exilion signs final agreements on the implementation of the Tripla hotel project

Aleksandra advised Exilion on the signing of the final agreements on the implementation of the hotel for the Tripla project in Helsinki, Finland. The hotel will be operated by Sokotel Oy under a long-term lease, and the investor will be a limited partnership managed by Exilion with Elo Pension Company, The State Pension Fund of Finland and Veritas Pension Insurance as limited partners.

CapMan disposes Entresse shopping centre to Barings Real Estate

Aleksandra advised Capman Real Estate I Ky on its disposal of shopping centre Entresse located in Espoo Centre, Finland, to a fund managed by Barings Real Estate Advisers. The shopping mall offers a lettable area of approximately 10,000 square metres across 40 units, as well as a heated garage providing space for 300 cars.

Skanska disposes office property Aviabulevardi I to Niam

Aleksandra advised Skanska on its disposal of the office property Aviabulevardi located in Vantaa, Finland, to Niam. The total value of the contract is EUR 36 million. The leasable office area is 9,000 square metres. The property was designed to meet the requirements of the latest version of the LEED environmental certificate.

Genesta divests shopping centre Liila to eQ Finnish Real Estate

Aleksandra advised Genesta’s fund GNBRE (Genesta Nordic Baltic Real Estate Fund I) on its disposal of the shopping centre Liila located in Suomenoja, Espoo, Finland, to Special Investment Fund eQ Finnish Real Estate. Liila is a major shopping centre focused on home and interior design. The shopping centre is approximately 23,600 square metres and includes tenants Lidl, Power, Toys R Us and Vepsäläinen.

Genesta divests major office property to Areim

Aleksandra advised GNBRE Fund I, a Luxembourgian fund managed by Genesta, on its divestment of a major office property in Helsinki, Finland (Atomitie 5) to a Swedish fund managed by Areim. The property has a lettable area of over 26,000 square metres.

Sirius funds reach investments of EUR 800 million

Aleksandra has advised Sirius Fund II in multiple acquisitions of retail properties. With these acquisitions, the Sirius Fund II is now fully invested. Over the past few years, the Sirius Fund II has assembled, together with its predecessor fund Sirius Fund I, a daily-goods portfolio with a total value of approximately EUR 800 million. We have advised Sirius on approximately four-fifths of all such acquisitions.

Sirius completes acquisition of retail and office property from Tristan

Aleksandra advised Luxembourgian Sirius Fund II on its acquisition of a retail and office property located at Mannerheimintie 160, in Helsinki, Finland, from an affiliate of European Property Investors Special Opportunities 4 (EPISO 4), an opportunistic fund advised by pan-European real estate investment manager Tristan Capital Partners.

Sirius acquires retail property portfolio from Trevian

Aleksandra advised Luxembourgian Sirius Fund II on its acquisition of six retail properties from Trevian Retail Fund I and Trevian Retail II. The properties are located in the Helsinki metropolitan area, as well in other fast growing urban areas in Finland. The properties are currently leased to the retail stores of the S Group and Kesko Corporation, Finland’s two largest grocery trade companies.

Genesta acquires landmark office property from J.P. Morgan

Aleksandra advised GNRE Fund II, a Luxembourgian fund managed by Genesta, on its acquisition of the landmark office property Hämeentie 11 (Sörnäinen) located in Helsinki, Finland. The seller was a fund managed by J.P. Morgan Asset Management. The building was the previous headquarters of Helsingin Osuuskauppa Elanto.

2016

UB Nordic Property invests in traffic service station property

Aleksandra advised special investment fund UB Nordic Property on its investment in a traffic station development project by way of a forward funding transaction. The constructor of the development project is NCC, and the occupiers of the property are Neste Corporation and an affiliate of Kesko Corporation.

Exilion signs letter of intent for the Tripla hotel project

Aleksandra is representing Exilion in the Tripla hotel project. Exilion has signed a letter of intent with YIT Corporation on the execution of the hotel for the Tripla project in Helsinki, Finland. The hotel will be constructed by YIT Corporation and will have an area of approximately 17,800 square metres and approximately 430 rooms. The hotel will be one of Finland’s largest in terms of capacity. It is expected to be completed during the beginning of 2020.

Sirius acquires a grocery store

Aleksandra advised Luxembourgian Sirius Fund II on its acquisition of a grocery store from pension fund Verso. The property is let to an affiliate of Kesko Corporation.

Sirius acquires retail centre

Aleksandra advised Luxembourgian Sirius Fund II on its acquisition of a retail centre located in Iisalmi, Finland. The property is fully let to an affiliate of Kesko Corporation.

UB Nordic Property enters into its first investment in Finland

Aleksandra advised special investment fund UB Nordic Property on its acquisition of the Galleria shopping centre, located in Espoo, Finland. The Galleria’s anchor tenant is an affiliate of publicly listed Kesko Corporation.

The transaction was UB Nordic Property’s first investment in Finland. The fund commenced its investment activities in the spring of 2016 and has since made several investments in targets in Denmark, Finland, Norway and Sweden.