Union Investment Broadens Fund Portfolio in Finland

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.