ICECAPITAL Real Estate Club I Ky has agreed with the Seafarers’ Pension Fund (Merimieseläkekassa, MEK in Finnish) on the acquisition of nearly its entire commercial property portfolio and its investment into the ICECAPITAL Real Estate Club I Fund. The transaction comprises six properties in total covering 27,000 leasable square meters in Helsinki, Espoo and Turku. In connection with the transaction, the fund completed its first closing and MEK will continue as the fund’s largest investor.
The fund’s strategy is to invest selectively in high-quality commercial properties located in central urban areas with value creation potential. The acquired properties include, among others, a shopping centre in Tapiola, the most vibrant area in the Helsinki metropolitan region, as well as a recently and thoroughly refurbished office property in central Helsinki. The locations and uses of the properties support the fund’s objective of building a diversified, stable-yielding real estate portfolio in prime locations.
“The cooperation with ICECAPITAL supports the determined and sustainable long-term development of our commercial property portfolio. Through this arrangement, MEK is executing its strategy-driven transition towards indirect real estate investing while also realizing capital for other investments aligned with its new strategy”, comments Sauli Hämäläinen, Chief Investment Officer of the Seafarers’ Pension Fund.
“We are pleased to begin our cooperation with the Seafarers’ Pension Fund in real estate. The property market has undergone an unprecedented transformation in recent years. Office occupancy rates have declined significantly and yield requirements have risen across the board in all property classes. We believe, however, that through active ownership and determined development of the properties we will secure their competitiveness from the perspective of both tenants and investors”, states Jussi Tanninen, Chief Investment Officer of ICECAPITAL.
For more information:
Jussi Tanninen, Tel. +358 40 563 1937 Email: jussi.tanninen@icecapital.fi
Distribution: www.icecapital.fi
