29/01/2026
CapMan Real Estate sold the Seminaari School property in Hämeenlinna, Finland in October 2025. During CapMan Real Estate’s 1.5 years of ownership, several upgrades enhanced the value of the property. Energy-efficiency improvements reduced the building’s primary energy use by 65%.
In February 2024, the CapMan Nordic Real Estate III fund (CMNRE III) acquired Seminaari School in the centre of Hämeenlinna, Finland. The biggest vocational school in the area serves approximately 700 students and has a long-term lease with the City of Hämeenlinna. The property consists of seven buildings, all built at different times between 1930 and 1984.
The previous owner of Seminaari School, the University Properties of Finland, was selling the property with long lease maturity, but at the same time, the next buyer had to take over the responsibilities of the already agreed renovation projects.
“Taking over ongoing renovation projects is quite hard for many market participants to do. We analysed the property and the contracts, understood the risks and the scope of the projects, and were able to complete the projects on schedule and in budget”, says Aleksi Konsti, Head of Finland, CapMan Real Estate.
The goal was to develop the property further for school use together with the City of Hämeenlinna, in order for it to serve students and teachers far into the future. Under CapMan’s ownership in just 1.5 years, the Seminaari School undertook a transformation with several value-enhancing projects, making the school modern, functional and energy-efficient.
Reducing the primary energy demand by 65%
One of the biggest improvements of the Seminaari School property was the implementation of a new geothermal heating system. It reduces the property’s carbon footprint significantly, lowers maintenance costs while increasing the amount of on-site generated renewable energy.
“We were able to finish the geothermal heating project in a very efficient and quick manner. That also benefits the tenant, the City of Hämeenlinna, by helping them to meet their own sustainability objectives.”
Together with other energy efficiency improvements, such as LED lighting and smart building automation, the new geothermal heating system is calculated to reduce the primary energy demand of the property by 65%.
“The Energy Performance Certificates (EPC) were upgraded from C and D (CCCD) to the highest class A for buildings. After the improvements all buildings achieved EU taxonomy alignment, the EU definition for sustainable investments. With the energy savings we were also able to increase the property value.”
Modern and user-friendly school for active students
CapMan Real Estate is focusing on developing the environmental and social aspects of real estate, recognising the responsibility to create a positive impact on communities. One of the Seminaari School buildings, originally built in 1953, was comprehensively renovated to meet modern school requirements. In addition, accessibility improvements were implemented at the property to ensure the school premises are inclusive, safe, and functional for everyone.
CapMan Real Estate also upgraded the schoolyard facilities, making the yard more user-friendly for students, creating an active outdoor space, and demonstrating overall social responsibility. After school and on weekends, the schoolyard is open to the public and serves the entire community.
The renovation projects were made in close cooperation with the property’s tenant, the City of Hämeenlinna. In October 2025, the property was sold to real estate company Hemsö.
The original acquisition back in 2024 included an unbuilt plot next to Seminaari School. The unbuilt plot was subsequently divested to the City of Hämeenlinna in January 2026, thus creating additional value to the fund and allowing the city to strategically develop the land in accordance with its general plan objectives.
Watch the video to see the completed project in action.