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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 are re-geared and new tenants sourced
Successful pilot to convert one floor to co-working space generating higher income at lower capex than underwritten
Current Status
The property is currently tracking ahead of business plan