BlackRock Real Assets’ Eurozone Core Property Fund acquires asset in Helsinki
BlackRock Real Assets’ Eurozone Core Property Fund acquires asset in Helsinki
The BlackRock Eurozone Core Property Fund acquired a mixed-use retail and office asset in the central business district (CBD) of Helsinki last month. Following the acquisition of an office asset in Hamburg and a portfolio of two logistics assets near Munich and Regensburg, this third investment is consistent with the Fund’s strategy of offering its investors a diversified exposure to high quality, income-generating core real estate, in an open-ended vehicle.
Originally built in 1891 and extended in 1959, the 12,200 square meter property is located in the heart of Helsinki’s CBD. Aleksanterinkatu is Helsinki’s primary shopping street and has the seventh highest footfall of any street in Europe. Tenants at neighbouring properties include internationally-recognised brands such as Louis Vuitton and Mulberry.
Ian Williamson, Portfolio Manager of the Eurozone Core Property Fund, comments: “This transaction is representative of one of our key strategies: seeking very well-located properties presenting opportunities for generating income growth, and also furthers our portfolio diversification with office and retail exposure in a fantastic location, backed by a growing Nordic economy.”
Victor Persson, Vice President, BlackRock Real Assets, added: “We are pleased to have made our third investment in Helsinki on behalf of funds managed by BlackRock Real Assets in the last year, where the market is driven by strong tenant demand for good space. This historic building also has the advantage of offering both high-quality retail and office space.”
The Fund has an active investment pipeline and will continue to diversify its exposure across the Eurozone’s most liquid markets. The BlackRock Eurozone Core Property Fund was advised by Cobbleyard.
BlackRock Real Estate is the dedicated real estate investment group within BlackRock Real Assets and invests in strategies across the risk and return spectrum, providing access to all major property types. The business manages over US $23 billion of private and public real estate equity and debt on behalf of investors worldwide in 17 offices, across 11 countries in Asia-Pacific, Europe and the US[1].
[1]Source: BlackRock, data as of 30 September 2018.