Macquarie Asset Management agrees to invest €39 million in Helsinki office development

Macquarie Asset Management, on behalf of Macquarie GLL European Property Fund, one of its managed real estate funds, has agreed to invest approximately €39 million to develop two Gold LEED rated office buildings in Finland.

The development will be located in central Helsinki’s burgeoning Pasila district and adjoin the 19,700 m² Ilmalanrinne office complex acquired in 2019 by the fund. The development will add 11,500 m² of floorspace to the complex, with construction expected to be completed in Q1 2023.

The buildings will be developed with consideration for the highest design and sustainability standards, with Macquarie Asset Management targeting a Gold rating under the LEED green building certification scheme. Heating, cooling, and electricity for the buildings will be drawn from 100 per cent renewable sources, with rooftop solar installations, green space, and a focus on sustainable building design principles to help promote positive environmental outcomes.

Dana Gibson, Co-Head of Macquarie Asset Management’s Real Estate team in Europe, said: “I am delighted that we are moving forward with this exciting development project in Helsinki’s growing Pasila precinct. This follow-on investment at our Ilmalanrinne site is a demonstration of our engaged approach to asset management and focus on the wellbeing of tenants.”

The development is expected to generate strong interest due to its proximity to key transport connections and the growing number of corporates moving to the increasingly international business district of Pasila. Uponor Corporation, a leading provider of sustainable building and infrastructure solutions listed on Nasdaq Helsinki, has selected the site for the location of its new global headquarters joining Sweco Group, a leading European architecture and engineering consultancy, which currently leases the existing three office buildings at the complex.