CapMan Real Estate Press Release 31 March 2016 at 2.30 pm EEST
CapMan Real Estate sells a hotel facility in central Tampere to TOAS
The CapMan Hotels RE fund sells its holding in Kiinteistö Oy Tampere Satakunnankatu 10 to the Tampere Student Housing Foundation (TOAS). The transaction is completed on 31 March 2016 when the tenure is transferred to the new owner. The lease with Restel, which operated Hotel Cumulus Pinja in the property, expired at the end of 2015.
TOAS will convert the hotel facility into student housing comprising 74 units. The conversion project is expected to be completed by the start of the autumn 2016 semester.
“We are happy with the transaction and expedient sales process, the timing of which was most convenient for the fund. The Tampere region has experienced an increase in hotel supply in recent years and the property is small for hotel use compared to other assets in our hotel portfolio. We are pleased that the new owner will develop the property to benefit Tampere’s students, who will be able to enjoy high quality city living,” comments Pirjo Ojanperä, Partner at CapMan Real Estate.
Timo Lehto, CEO of TOAS, is also pleased with the transaction. “The central address of the property meets the location criteria for student housing. It is difficult to find suitable plots to build new student housing in central Tampere. As a result, TOAS has focused on finding alternative ways to respond to the growing demand for city living among students,” Lehto comments.
The CapMan Hotels RE fund was established in 2008 and it manages 40 hotel properties in Finland and Sweden, including the Crowne Plaza and GLO Hotel Art in central Helsinki.
For more information, please contact:
Pirjo Ojanperä, Partner, CapMan Real Estate, tel. +358 50 388 3306
Timo Lehto, CEO, TOAS, tel. +358 40 514 8846
CapMan www.capman.com
CapMan is a leading Nordic investment and asset management company active in the private equity industry. For more than 25 years, we have been developing companies and real estate and supporting their sustainable growth. We are committed to understanding the needs of our customers in an ever-changing market environment. Our objective is to provide attractive returns and innovative solutions for our investors and value adding services for professional investment partnerships, growth-oriented companies and tenants. Our independent investment partnerships – Buyout, Real Estate, Russia and Credit – as well as our associated company Norvestia are responsible for investment activities and value creation. CapMan’s service business offering includes fundraising advisory services, purchasing activities and fund management services to both internal and external customers. CapMan has 100 private equity professionals and assets under management of 2.8 billion.
