Sale of Accountor Tower office development completed in Keilaniemi, Espoo

Press release March 25 th , 2020, at 10:00 a.m.

YIT’s and HGR Property Partners’ joint venture Regenero has completed the sale of Accountor Tower in Keilaniemi, Espoo to a fund managed by DWS following an agreement signed in August 2019. The parties have agreed not to disclose the purchase price.

YIT’s and HGR Property Partners’ joint venture Regenero has completed the sale of Accountor Tower in Keilaniemi, Espoo to a fund managed by DWS following an agreement signed in August 2019. The parties have agreed not to disclose the purchase price.

The landmark 21-story office building was completed in December 2019 with approximately 24,000 square metres of lettable area and has applied for LEED Gold certification. The Tower’s main tenant is Accountor Group, a company specializing in software solutions and outsourcing services for financial and HR services. Other tenants include Technopolis’ UMA Workspace, multinational IT-company Hewlett-Packard Enterprise and architecture firm Vaero Group.

In addition to having renowned office occupants, Accountor Tower houses numerous services previously unavailable in Keilaniemi. Restaurant Lucy in the Sky, located on the building’s 20 th floor, offers stunning views in addition to excellent food. Fitness center Fit Keilaniemi can cater to all gym goers and HOK-Elanto has opened Keilaniemi’s first grocery store in Accountor Tower.

The development of Keilaniemenranta will continue as the construction of the neighboring Keilalampi office building and the retail pavilions of Keilaniemenranta are ongoing. The sale of these properties to DWS will take place towards the end of 2020 once construction has been completed.

“The re-development of Accountor Tower has been a true testimony to the seamless co-operation between all parties involved and I am very proud that we have been able to revitalize the landmark building,” says HGR Property Partners’ CEO Kari Helin.

“The completion of Accountor Tower is the first step in the multipart Keilaniemenranta project that, once completed, will create a true focal point for Keilaniemi. The development of Keilaniemenranta as well as the whole Keilaniemi area will lead to a diverse urban environment arising around excellent public transport connections,” says Juha Kostiainen, EVP, Urban Development at YIT.

“We are very pleased to have been able to add this landmark property to our existing portfolio of properties in Finland and are looking forward to the completion of the remaining Keilaniemenranta properties,” said DWS’ Head of Transactions Northern Europe and the Netherlands, Martin Weikamp.

With this transaction, DWS is further expanding its footprint across the Scandinavian markets. In the last months, DWS had acquired several logistics and residential assets in the Helsinki Metropolitan Area and signed the acquisition of the office building Solna United in Stockholm for a total consideration of SEK 3.3 billion.

In spite of the current turmoil in the market, DWS remains active in the market across the Nordic countries and will continue looking for opportunities to invest on behalf of their investors together with its local partner Newsec.

The commercial advisor of the seller was CBRE and the legal advisor Avance Attorneys Ltd. DWS completed the transaction alongside Newsec, its investment advisor in the Nordics.

For further information, please contact:

Kari Helin, CEO and Managing Partner, HGR Property Partners, tel. +358 40 579 0570, kari.helin@hgrpp.fi

Esa Neuvonen, EVP, Business Premises segment and Partnership Properties segment, YIT Corporation, tel. +358 40 500 1003, esa.neuvonen@yit.fi

Nick Bone, Responsible for Corporate Communications in UK, Nordics and Benelux, DWS, tel. +44(20)754-72603, nick.bone@dws.com

Regenero is a joint venture formed by construction company YIT and property development company HGR Property Partners. The joint venture was established in 2016 to deepen the previous cooperation between the companies. Regenero’s development projects target the key locations of urban life, aim to raise the profile of the area and are implemented utilising the long-term experience and professional skills of the joint venture. The projects are of significant scale and may include different types of premises, such as offices and business premises as well as public sector facilities. http://www.regenero.fi

YIT is the largest Finnish and a significant North European construction company. We develop and build apartments and living services, business premises and entire areas. We are also specialised in demanding infrastructure construction and paving. Together with our customers, our nearly 10,000 professionals are creating more functional, attractive and sustainable cities and environments. We work in 11 countries: Finland, Russia, Scandinavia, the Baltic countries, the Czech Republic, Slovakia and Poland. The new YIT was born when the over-100-year-old YIT Corporation and Lemminkäinen Corporation merged on February 1, 2018. Our pro forma revenue for 2018 was approximately EUR 3.8 billion. YIT Corporation's share is listed on Nasdaq Helsinki Oy. www.yitgroup.com