Sale and Leaseback of OP Headquarter Campus in Helsinki
We advised OP Cooperative, OP Financial Group’s central cooperative, in the sale and leaseback arrangement of its headquarter campus in Vallila, Helsinki, to a South Korean and Finnish investor group consisting of Varma Mutual Pension Insurance Company, NH Investment & Securities (NHIS) and Shinhan Investment Corp. The consortium was led by Seoul-based AIP Asset Management and Helsinki-based Avant Asset Management, who are co-investment managers for the deal. OP Financial Group will continue its operations on the property as a tenant under a long-term lease agreement.
The property has a total of 74,150 square meters of lettable area and forms the largest single office complex in Finland, accommodating approximately 6,000 employees. The value of the deal is EUR 480 million, making it the largest ever single-asset office transaction in the Finnish real estate market. OP Financial Group is the largest financial group in Finland, consisting of 147 cooperative banks and the group’s central cooperative, OP Cooperative, with its subsidiaries and affiliates.