Cromwell sells core school building in Espoo

Cromwell announces the sale of Itätuulentie 1, Espoo, Finland, to Hemfosa Fastigheter for €23.1 million.

Located in the developing area of Tapiola and close to the subway station, the four-storey office building comprises 7,102 sqm of lettable space and is fully let to Omnia on a long lease agreement. The building was part of the Henry portfolio, which Cromwell acquired together with one of its private equity partners in June 2018.

“During our one year holding period, we have successfully completed extensive works, where the former office building was converted into a school building. This sale demonstrates our effective asset management approach and ability to create exceptional value for our investors”, says Markku Määttä, Senior Asset Manager at Cromwell.

At the time it was acquired, the Henry portfolio comprised 132,000 sqm of space across 27 properties including 21 office buildings, three storage/industrial buildings and three plots. All properties are located in the HMA region, which includes the cities of Helsinki, Espoo and Vantaa.