Cromwell sells office buildings in Helsinki

Cromwell Property Group announces the sale of Stella Terra, Espoo, and Kumpulantie 5, Helsinki, to Antilooppi for €43.1 million.

Both office buildings were part of the Omega portfolio, which Cromwell acquired together with one of its private equity partners in December 2016.

Stella Terra is a modern multi-let office building in Leppävaara with a lettable area of 9,183 sqm.

Kumpulantie 5, built in 1985, is a multi-let office building comprising 8,539 sqm lettable area and is located in Vallila, close to the Tripla development in the district of Pasila.

“These latest sales from the Omega portfolio follow the disposal last week of the Kaisaniemenkatu 13 office building to Swiss Life from the same portfolio. To have sold three assets in quick succession demonstrates the effectiveness of our active asset management approach and Cromwell’s ability to create exceptional value for its investors” says Mikael Pehrsson, Investment Manager at Cromwell.

At the time it was acquired, the Omega portfolio comprised 109,000 sqm of space across 13 office buildings, five industrial buildings and four buildings with primarily retail premises. More than 80% of the value of the portfolio was located in the HMA region, which includes the cities of Helsinki, Espoo and Vantaa.