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Kaarlenkatu 7, Helsinki, sold to OP Life Assurance

Kaarlenkatu 7 property was acquired by Finnish institution, OP Life Assurance. The price of the building was €8.3 million.
Situated in a good secondary downtown location, Kaarlenkatu 7 was originally used as a small private hotel. Now it is rented to the City of Helsinki on a 10 year lease agreement and turned into a refugee asylum.
Markku Mäkiaho, the CEO of Pohjola Kiinteistösijoitus says that a long lease agreement itself fulfils the elements of a protective investment.
- “On the other hand, there are always new possibilities for a dormitory that consists on small apartments in Kallio, in case the city of Helsinki would give up on the space some day”, says Mäkiaho.
Jones Lang LaSalle Finland Oy was instructed as an advisor for the vendor in this transaction. CEO Tapani Piri says that the property investment market has improved during the autumn.
- “Current price level makes property investment yet again appealing to both domestic and international investors. There are however not much good and protective investment opportunities available so there are buyers for the good objects and the balance in the market is recovering.”