Kalevankatu 20 is a five-storey office building in the Kamppi district of Helsinki built in 1968, with around 3,500 m2 of lettable space. The CapMan Real Estate I fund acquired the property in January 2007, and the return on the property has been in line with original expectations. The parties have agreed not to announce the transaction price.
“Kalevankatu 20 is an excellent example of our property development capabilities. During the time the building has been owned by us, the offices have been comprehensively modernised and converted for use by a number of tenants rather a single occupant as previously; and we have succeeded in letting the space to multiple tenants,” says Kalle Myllymäki, CapMan’s Investment Director.
CapMan manages three real estate funds – CapMan Real Estate I, CapMan RE II, and CapMan Hotels RE – which invest, respectively, in office properties in Greater Helsinki, offices and development sites elsewhere in Finland, and hotel properties, primarily in Finland.
For further information:
Kalle Myllymäki, Investment Director, CapMan Real Estate, tel. +358 (0)50 356 6940
Kari Louhenkilpi, Property Director, Nordea Life Assurance Finland, tel. +358 (0)50 338 0753