The acquired entity was completed in 1947 and 1963 and it comprises over 17,000 sq m of leasable area. Premises are currently leased to 30 tenants, including K-Supermarket, Alko and Kappahl. There is plenty of underground parking space.
“There is a lack of modern, high quality office space in the Oulu city center”, said Fund Manager Amalia Pöyry from Trevian Funds AIFM. “Since Stockmann department store left Oulu in 2017, the property has suffered from significant under-utilisation, but its location is the best possible. We believe that with the right investments and active local asset management, we will be able to create a very functional selection of office, retail, restaurants and cafés. As a long-term domestic investor, we want to make our contribution for the regeneration and development of the city center of Oulu and cooperate closely with essential parties such as City of Oulu, BusinessOulu and Oulun Liikekeskus ry association”, Fund Manager Pöyry commented.
With 204,000 inhabitants, Oulu is the most populous city in Northern Finland and the fifth most populous in the country. Over the recent years, it has enjoyed population growth, improving employment and a vibrant start-up scene, especially within information technology.
The acquisition is the fund’s second purchase in Oulu. In April it acquired a 6,210 sq m retail property with Delta Auto Oy as tenant with a long lease.