Veritas sells Sola Business Valley office building to RREEF Investment GmbH

Veritas Pension Insurance has sold an office building located in Leppävaara, Espoo to RREEF Investment GmbH, a real estate investment business of Deutsche Asset Management. The purchase price is approximately 70 million euros.

Sola Business Valley was built in 2011 – 2012 and it is located next to Sello Shopping Centre. The property is fully leased as headquarter premises and has 16,936 square metres. The high standard office building has received LEED Gold certification and main tenants are Schneider Electric, Aditro and Lujatalo, all of which have their headquarters in the building.

Sola was constructed by Lujatalo Ltd and Veritas acquired the property in 2011 while it was under construction. As part of the purchasing process, Veritas negotiated a lease agreement with one of the property’s main tenants.

“Strong tenant relationships are among the key resources of pension companies when it comes to creating value for property investments. However, this property represents a relatively large portion of our investment portfolio, which is why we decided to sell now that the project is completed and the market is favourable for divestments”, says Peter Karlsson, real estate director at Veritas.

CBRE Finland Oy acted as the seller’s exclusive sales advisor while Krogerus Attorneys Ltd. provided legal advice. Newsec and Hannes Snellman Attorneys Ltd. acted as advisors for the buyer.

Sola Business Valley is located by excellent connections in the junction of Ring I and Turku highway, in the immediate vicinity of the Leppävaara railway station. Leppävaara is among the most significant office, retail and residential clusters in the Helsinki Metropolitan Area. In addition to modern office supply, Shopping Centre Sello provides a superior offering of commercial services.

VERITAS PENSION INSURANCE
Marketing Communications

 

Further information:

Veritas Pension Insurance

Real estate director Peter Karlsson, tel. +358 50 561 9545, peter.karlsson@veritas.fi

CBRE Finland Oy

Managing Director Joni Koski, tel. +358 40 1959 188, joni.koski@cbre.com

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue).  The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. www.cbre.com

About RREEF Investment GmbH

RREEF Real Estate is the real estate investment business of Deutsche Asset Management. As one of the world's largest real estate investment managers, they invest across the risk spectrum in core, value-added and opportunistic real estate, real estate and infrastructure securities and real estate debt on behalf of governments, corporations, insurance companies, endowments, and retirement plans worldwide