Public Property Invest ASA (“PPI”) has acquired a life science property under development in Otaniemi university campus area in Espoo. The property will be completed by the end of 2026 and will be mostly new-built and partly fully renovated according to modern standards and high ESG targets. The total lettable area will be approximately 15,700 sqm and it is fully pre-let to Relex Solutions and HOK-Elanto on long-term lease agreements with an average unexpired lease term of over 10 years.

With this acquisition PPI strengthens its presence in the Helsinki Metropolitan Area. The total investment cost at completion will be EUR 79 million, which will be paid successively according to the completion rate, of which EUR 10 million at closing expected on 30 April 2025. The annual net operating income at completion is estimated to be approximately EUR 4.9 million.

“We are delighted to see PPI’s active growth especially in Espoo. We warmly welcome a long-term investor partner to enable further growth in the business life and critical infrastructure of Espoo and Finland”, comments Olli Isotalo, Deputy Mayor, Urban Environment Director, City of Espoo.

“Acquisition of the neighboring asset to the school we acquired earlier this year is a great addition to our portfolio within critical infrastructure in Finland. The acquisition is also continuing our good cooperation with the developer HGR Property Partners. We want to enable growth and efficiency to our important stakeholders and partners through strategic and long-term real estate investments”, says Ilija Batljan, CIO of PPI.

At completion, the property will have superior ESG credentials: A-level energy class, a LEED Platinum environmental certification and WELL Platinum certification will be pursued. Additionally, on-site energy production will be developed, for example in form of solar panels.