Real estate asset manager AEW has made its first investment in Finland since the global financial crisis with the €108.5 million purchase of the Atlas mixed-use building in Helsinki's central business district from Stockmann PLC.
The fully occupied building, which was bought on behalf of AEW's Europe City Retail Fund, features 8,460 square feet of lettable area. The ground and basement floors comprise restaurant and retail space anchored by the Academic Bookstore, with other tenants including Starbucks, interior design store Isku and grocery chain Herkku. The upper four floors include roughly 2,500 square feet of office space, according to a release.
Following the deal, the Europe City Retail Fund has a portfolio worth approximately €500 million, with 11 assets across eight European cities.
Krogerus, Möhrle Happ Luther, Castren & Snellman and Cushmann & Wakefield advised AEW on the deal, while JLL advised Helsinki-based Stockmann.
