Union Investment sells Alberga A office building in Espoo, Finland
Union Investment has sold the Alberga A office building at Bertel Jungin Aukio 3 in Espoo, Finland, to the eQ Commercial Properties Fund. The buyer already owns the two neighbouring properties Alberga B and C in the Alberga Business Park. The parties agreed not to disclose the purchase price.
Union Investment secured the property in 2010 as part of a forward deal for its institutional real estate fund UniInstitutional European Real Estate. Completed in 2012, the eight-storey office building has a lettable area of around 9,000 sqm and is currently around 80 per cent let.
"The property has performed very well over the past 10 years and generated stable rental income for the fund. Now is a good time to consistently implement the fund's active management approach by selling the property and further rejuvenate the portfolio," says Wolfgang Kessler, Managing Director of Union Investment Institutional Property GmbH.
Union Investment recently acquired the planned “Aura” office building in Helsinki for its institutional real estate fund UniInstitutional EuropeanM. The Class A office building is expected to be completed in June 2024.
Union Investment was legally advised by Merilampi Attorneys Ltd.