Valad Europe and Goldman Sachs buy Finland's Omega portfolio

By Paul Norman - Thursday, January 12, 2017 8:29

Valad Europe, part of Cromwell Property Group, and Goldman Sachs have bought the Omega portfolio comprising 22 properties located Finland. Valad will assume responsibility for the on-going asset management of the portfolio.

The Omega portfolio comprises 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 is located in the HMA region, which includes the cities of Helsinki, Espoo and Vantaa. The most prominent building in the portfolio is the Kaisanimenkatu 13 office building, a building located on the fringe of Helsinki CBD, which is home to among others the Nordic Investment Bank (NIB).

In aggregate, the buildings in the portfolio are let to more than 200 tenants, including Mehiläinen, S-Group, St1, Cisco and LähiTapiola.

Tomas Beck, Head of Nordics, said: “With a mix of high quality office buildings such as Kaisaniemenkatu 13 and Stella Terra, part of the Stella Business Park in Leppävaara, and properties with potential for value-adding activities, the Omega portfolio provides opportunities for us to use our local knowledge to create significant value through a variety of strategies. These include leasing, re-zoning for residential use and the creation of sub-portfolios of institutional grade investment properties that will attract a wider group of investors.”

David Kirkby, CEO Europe said: “The Cromwell business in Europe has an extensive platform which our clients are utilising to access quality real estate transactions. This latest trade highlights how one of our private equity clients has benefitted from our extensive European platform to access good quality deals in a new geographic area. The combination of locally based teams and an established cross-border platform is a great enabler, providing clients with the confidence to invest in new markets as they search for returns from European real estate.”

Valad Europe manages just under €4bn of real estate assets and investment capacity across its funds and mandates in Europe, comprising approximately 338 assets and 3,400 tenants, managed by local teams totalling around 190 people in 22 offices and 14 European countries. In the Nordics it manages €350 million of real estate assets (excluding the Omega portfolio), managed by the local teams in Copenhagen, Helsinki, Malmo and Stockholm.

JLL acted as sell side advisor in the transaction.

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