HELSINKI, Feb. 17, 2022 /PRNewswire/ — The Duetto Park, managed by Trevian Asset Management in Helsinki, has been sold to Revcap Advisors Ltd (Revcap) after a development project. The purchase price is not disclosed. Trevian’s performance within the project has been an example of their strong strategic development work within the office space sector.
British investor Revcap has acquired Duetto Park in Helsinki. The office property consists of two seven-storey interconnected buildings with a total of approximately 15,000 square meters of flexible office space.
Trevian Asset Management has been responsible for the strategic development and management of the property since 2020. Trevian carried out the Duetto development project as the local partner for the business park’s previous international owner. For Trevian, Duetto is a solid example of a successful real estate development case: the renovation and the transaction were executed on schedule according to the investor’s strategy.
– Trevian’s approach of taking overall responsibility for the development and management of the property has been highly praised by investors. As a result, Duetto’s development project and the subsequent transaction exceeded our expectations, says Risto Vuorenrinne, Trevian’s Investment Director.
The development initiatives have underpinned a significant improvement in the occupancy rate of the business park over the past two years, despite the pandemic and the growing popularity of teleworking.
– The goal in Duetto was to improve the occupancy rate and increase attractiveness. The renovations were carried out to a high quality while maintaining cost efficiency and respecting green values. The individual office spaces are tailored for each client organisation, considering the companies’ own brands and flexible needs. We have received only positive feedback on tenant satisfaction, says Duetto’s Asset Manager Outi Kymäläinen of Trevian.
Cobbleyard Real Estate advised Revcap on the transaction and will be responsible for managing the property going forward. Cushman & Wakefield acted as the seller’s advisor in the transaction.
– We continue to believe in offices, and the winners in this space will be the modern, flexible, and well-located properties with strong sustainability credentials. Duetto Park clearly falls into this category, says partner Mattias Lindfors of Cobbleyard. Cobbleyard and Revcap have previously invested in a development project in Sörnäinen, Helsinki, Finland, which was sold to NREP last October.
For more information, please contact:
Risto Vuorenrinne
CIO
Trevian Asset Management
+358 50 313 9350
[email protected]
Outi Kymäläinen
Asset Manager
Trevian Asset Management
+358 400 311 149
[email protected]
Trevian Asset Management is a Finnish investment and asset management company specializing in commercial and residential properties. The company was established in 2012 and is owned by its key personnel. The company produces actively managed real estate equity funds and asset management services optimized for its customers. The services are focused especially for institutional real estate investors, banks, and other professional investors. Trevian’s assets under management near 1.0B€. www.trevian.fi/en/
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SOURCE Trevian
