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Koreans make Finnish debut

By James Buckley - Monday, October 09, 2017 8:24

GLL Real Estate Partners has bought a logistics portfolio in Finland comprising five properties and 135,000 sq m of commercial space on behalf of Korean investors.

GLL said the purchase price was “hundreds of millions” of Euros and the deal represents the first Korean institutional investment in the Finnish real estate market.

The seller of the portfolio was Ness, Risan & Partne, a Norwegian investment manager specialising in alternative investments. Wilfast Föryaltning AB was property manager of the portfolio. The five properties are located in strategic locations, including Helsinki and Tampere. More than 90% of the Finnish population is living within a two hours driving time from the properties. The buildings are leased on a long-term basis to Posti, the postal and logistics company of the Finnish government.

The buyer was advised by Castrén & Snellmann, KPMG and JLL, the seller of Borenius and CBRE. Helaba is financing the acquisition; it is both sole underwriter and agent. Helaba has been active in Finland and the Nordic markets since 2006.

Florian Geistmann, GLL acquisition team said: "We are convinced that the assets represent a sustainable investment due to their quality, the strategically important logistics locations and their long-term rental to a user with the highest credit ratings.

Florian Winkle, GLL Business Development: "We are particularly pleased that due to our excellent network in the markets we succeeded with the right investment product once more to open a new destination for Korean capital.”

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