Bread Factory, Helsinki, Finland

Finland 60x30

Investment Date
Q4 2016

Exit Date
Q4 2020

Asset type

Revcap strategy
Active Asset Management

Revcap Fund

Investment Type
Joint Venture Equity

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 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


  • Etaget, Kungsholmen, Stockholm, Sweden
  • Compass Portfolio, Stockholm, Sweden
  • Tour Solad, Paris, France
  • Le Picasso, Nanterre, France