SEB Asset Management has acquired the Säterinkatu 6 office building in the Helsinki Metropolitan Area. The vendor is Finnish insurance group OP Life Assurance.

Although the transaction details were not disclosed, SEB said the building is worth around EUR 16 mln.

The property offers 6,700 m2 of rental space in the Leppävaara submarket in Espoo, which is approximately 10 kilometres north-west of Helsinki's central business district. It is entirely let to engineering and consulting firm Ramboll Finland until 2018.
The asset will be added to the portfolio of the SEB Europe REI special fund, which includes other fully-let properties in France, the UK, Austria and Poland. The fund has already sold one property in Bristol, UK, at an attractive price after a holding period of just under two years. As a result of the fund's successful performance, the vehicle in August made an interim distribution above its target return of 5%.