HELSINKI—Union Investment has purchased another office new-build in the Finnish capital for its open-ended real estate fund UniInstitutional European Real Estate.

Completed in January 2012, the property has LEED Platinum certification and is fully leased to Skanska. The highly creditworthy Swedish construction group will use the building, which offers 9,129 sq m of rental space in Helsinki's city center, as the headquarters of its Finnish holding company. The vendor is the group's own property development company, Skanska Commercial Development Finland Oy. The parties agreed not to disclose details of the purchase price.

“The Skanska headquarters building exemplifies our quality-oriented investment approach. Working with dependable partners such as Skanska, we are delighted to have established an excellent portfolio in Helsinki within the space of just a few years that has attracted international attention,” said Philip La Pierre, head of investment management Europe at Hamburg-based Union Investment Real Estate GmbH. the Union Investment property portfolio in the Helsinki metropolitan area currently includes nine office and logistic properties and has a total value of some $470 million (EUR 350M).

The “Skanska Haus” is part of the Manskun Rasti office complex in the inner-city Ruskeasuo office sub-market, which enjoys direct main road access to Helsinki's city center and commercial district. Comprising four buildings and offering around 34,219 sq m of office space, the complex is scheduled for final completion in 2015.