Korean, Finnish investors buy Helsinki complex for 480 million euros

Deal done with Finnish partner is the largest for a single office in Finland and first office acquisition by Korean investors in the country

A consortium of Finnish and South Korean institutional investors has acquired an office campus in Helsinki through a 480-million-euro (US$530.83 million) sale and leaseback.

Finland’s Varma Mutual Pension Insurance Company and South Korea’s NH Investment and Securities (NHIS), and Shinhan Investment Corporation have bought the headquarters of OP Cooperative, OP Financial Group’s central cooperative, in the Vallila neighbourhood of Helsinki.

It is the largest ever single-asset office transaction in Finland and the first-ever Finnish office acquisition by South Korean investors.

The consortium was led by Seoul-based AIP Asset Management and Helsinki-based Avant Asset Management, who acted as co-investment managers for the deal.