Samhällsbyggnadsbolaget i Norden AB (publ) (“SBB”), through its subsidiary Hemfosa Finland, has prolonged the 14,124 sqm lease agreement with Senate Properties in Finland up to Q4 2032. Senate Properties is the Finnish Government centralised asset management body, which will sublease the premises to the Police for Western Uusimaa main police station in Espoo in greater Helsinki region. The property will be modernized to be fully in compliance with the newly established National Police Board police station concept. SBB will invest EUR 23.6m in the property with an assumed yield of 5.3 per cent. The new rental income after renovation, assumed to be finished in Q4 2022, is expected to be approximately EUR 3.4m. The lease is indexed by 100 per cent CPI.
“Finland is one of SBB:s main markets where we will continue to invest in order to provide Finnish government and municipalities with essential infrastructure”, says Arto Nummela, Head of Asset Management Finland, SBB.
The Vitikka 1 property is located in Espoo, close to Helsinki, in an optimal location to allow quick access to all main city parts in Espoo. Approximately 40 per cent of the lettable area is leased to Senate Properties (the police). Other tenants include Espoo district court and several smaller tenants. The building has been constructed in several phases between the 1960s and the late 1990s. The property is on a large site and includes large parking/yard areas and development potential.
For further information, please contact:
Ilija Batljan, CEO and Founder of Samhällsbyggnadsbolaget i Norden AB, [email protected]