Bread Factory, Helsinki, Finland

Background and Opportunity

  • Commitment of €7m Revcap equity to the purchase of an attractive 13,300m² loft style office property in the northern part of Helsinki’s CBD
  • The property had been owned and managed by a public entity and was 10% vacant upon purchase with visibility on another 20% becoming vacant within 6 months
  • The JV’s business plan is to invest capital to refurbish the property in order to attain market rents and to re-let the property whilst enjoying a substantial income stream

Transaction Progress

  • Leasing generally progressing ahead of underwriting as leases have been re-geared and new tenants sourced
  • Successful pilot to convert one floor to co-working space generated higher income at lower capex than underwritten

Current Status

  • The property is currently tracking ahead of business plan