CapMan press release 9 March 2010 at 4.00 p.m.
CapMan sells Kalevankatu 20
The CapMan Real Estate I fund sells the office property and lot located at Kalevankatu 20 in central Helsinki to the insurance company, Nordea Life Assurance Finland. The exit will not impact CapMan Plc’s result for 2010, as the CapMan Real Estate I fund is not in carry.
Kalevankatu 20 is a five-storey office building in the Kamppi district of Helsinki built in 1968, with around 3,500 m2 of lettable space. The CapMan Real Estate I fund acquired the property in January 2007, and the return on the property has been in line with original expectations. The parties have agreed not to announce the transaction price.
“Kalevankatu 20 is an excellent example of our property development capabilities. During the time the building has been owned by us, the offices have been comprehensively modernised and converted for use by a number of tenants rather a single occupant as previously; and we have succeeded in letting the space to multiple tenants,” says Kalle Myllymäki, CapMan’s Investment Director.
CapMan manages three real estate funds – CapMan Real Estate I, CapMan RE II, and CapMan Hotels RE – which invest, respectively, in office properties in Greater Helsinki, offices and development sites elsewhere in Finland, and hotel properties, primarily in Finland.
For further information:
Kalle Myllymäki, Investment Director, CapMan Real Estate, tel. +358 (0)50 356 6940
Kari Louhenkilpi, Property Director, Nordea Life Assurance Finland, tel. +358 (0)50 338 0753
CapMan www.capman.com
CapMan is one of the leading alternative asset managers in the Nordic countries and Russia and manages private equity funds with approximately EUR 3.6 billion in total capital. CapMan has six investment areas (CapMan Buyout, CapMan Technology, CapMan Life Science, CapMan Russia, CapMan Public Market and CapMan Real Estate), and each of them has a dedicated team and funds. Altogether CapMan employs 150 people in Helsinki, Stockholm, Copenhagen, Oslo and Moscow. CapMan was established in 1989 and its B shares are listed on the Helsinki Stock Exchange since 2001.
