Deka Immobilien, through its institutional property fund WestInvest ImmoValue, has completed the sale of the Kalasatama Health and Wellbeing Centre in Helsinki to Finnish investor VVT Property Fund II Ky. The transaction was valued at approximately EUR 100 million.
The WestInvest ImmoValue fund, part of the DekaBank Group, is an open-ended property investment vehicle exclusively for institutional investors such as pension funds, insurance companies, and foundations. The fund originally acquired the property development from SRV in August 2015, and the complex was completed in 2017.
The property is located in the Kalasatama district of Helsinki, next to the REDI shopping centre, and is a cornerstone of the City of Helsinki’s healthcare services. Designed by Helin & Co Architects, the 18,000 m² facility serves up to 1,500 citizens daily, offering a wide range of health and wellbeing services.
The City of Helsinki has been the long-term primary tenant since completion. The original lease term was 20 years from autumn 2017, with a 10-year extension option. Based on the City of Helsinki’s public decision-making documents from 2017, the indexed net rental income today would be around EUR 4.7 million per year, implying a net yield of approximately 4.7%. This calculation assumes that the original lease agreement remains unchanged.
For Deka Immobilien, the sale is part of a broader strategy of rebalancing and optimizing its European property portfolio. The company notes that the transaction also contributes to reducing capital requirements for the fund’s institutional investors. WestInvest ImmoValue has recently completed several sales across different European markets.
JLL acted as commercial advisor to Deka in the transaction.