PPI Public Property Invest AB has agreed to acquire the Ilmattarentie 2 property in Helsinki from Kansallis-yhtiöt for €9.2 million.
The property is located in Käpylä and has recently been converted from a former service home into a supported housing unit for mental health residents. The asset comprises 3,772 m² of lettable area and 67 beds, giving a purchase price of €2,439/m² and €137,300 per bed.
The property is fully leased to the City of Helsinki, which uses the premises for rehabilitation and housing services for mental health patients relocated from the Aurora Hospital area. The lease has a weighted average unexpired lease term of 14.3 years as of the end of May 2026.
PPI expects the property to generate annual net rental income of €561,500, reflecting a net yield of 6.1%. This corresponds to €149/m² per year, €12.40/m² per month and approximately €698 per bed per month. According to documentation from the City of Helsinki, operating costs are approximately €300,000 per year. Based on this, the gross rental income is estimated at €861,500 per year, corresponding to €1,071 per bed per month.
The building was originally completed in 1952 and previously used by Käpyrinne ry as a service home. The property had become vacant and required extensive technical and functional renovation before being repurposed for supported housing. Kansallis-yhtiöt acquired the property from Käpyrinne ry in a transaction completed at the end of 2024, after the development plan had been agreed and a long lease with the City of Helsinki negotiated.
The refurbishment covered spatial changes, technical upgrades, accessibility improvements and energy-efficiency measures. The building’s façades were also renewed. Following the works, the property provides modern care facilities and largely accessible residential places together with service and auxiliary space.
The property holds BREEAM In Use – Very Good certification.