PRESS RELEASE 23.12.2016
AVANT CAPITAL PARTNERS AND TRISTAN FUND ACQUIRE FINNISH PENSION SCHEME OFFICE PORTFOLIO FOR EUR 130 MILLION
Avant Capital Partners, together with European Property Investors Special Opportunities 4 (EPISO 4), the opportunistic fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired a 124,000 square meter portfolio of 15 offices located mainly in the wider Helsinki area, for €130 million from Varma - the country’s largest pension fund with around €3.7 billion in real estate assets under management. Varma will maintain a 19% interest in the portfolio following the acquisition. In addition, Avant Capital Partners will be a minor shareholder in the portfolio.
“The Finnish economy is slowly coming out of a long recession and we expect the recovery to generate increased demand for this type of well-located quality office space. The portfolio also offers ample opportunity to add value through active asset management, so fits well with the investment strategy of Tristan’s EPISO 4 Fund”, commented Daniel Harris at Tristan Capital Partners.
EPISO will be working with Avant in respect of delivering and executing the business plan for the portfolio.
Krogerus Attorneys advised the EPISO 4 Fund on the portfolio purchase.