31 January 2024, Finland | Investment Management | News
The property is located at Lönnrotinkatu 20, and was built in 1972. The total lettable area is approximately 5,800 sqm. The ground floor is fully rented to Lidl, while the four upper floors are vacant. Catella Real Estate AG (CREAG) acquired the property in 2011 for the Special Fund Catella Scandia Chances. Due to several trends affecting the office market, the property was sold as a development project. Slättö, on behalf of the Slättö Value Add II fund, plans to convert the property for hotel use.
Tiina Holmström, Director at Catella Asset Management Oy:
"The office market and the usage of office space has changed during recent years. A repositioning of the Lönnrotinkatu 20 property was initiated because the optimal property use was not considered to be offices anymore. The location is excellent for hotel use. Local market knowledge and a critical evaluation of the best use of premises are key factors in optimizing property value. Catella Asset Management is happy to have carried through the business plan of the Lönnrotinkatu 20 property together with CREAG".
For more information, please contact:
Tiina Holmstrom
Director, Asset Management
Catella Asset Management Oy
+358 50 367 1808
tiina.holmstrom@catella.fi
Robert Karlsson
Managing Director
Catella Asset Management Oy
+358 50 534 7486
robert.karlsson@catella.fi