JLL advises Elite Alfred Berg’s real estate value add fund in the sale of a care property to eQ Care special investment fund
Elite Alfred Berg’s real estate value add fund Elite Kiinteistökehitysrahasto I Ky has sold a care property to eQ Care special investment fund. The property, located in Pitäjänmäki, Helsinki, on the address Konalantie 6-8 has been renovated into care use and has a leasable area of approximately 10,000 sq m.
Current tenants in the asset include the City of Helsinki’s healthcare station, private healthcare operator Mehiläinen’s care home and a K-Market grocery store. By spring 2020 premises for another care home operator and a private day-care centre will be completed. Reforma Property Development Oy was responsible for project management and commercial development of the property.
“Our real estate value add fund has carried out several profitable development projects in recent years, of which the currently sold property is the largest. We are pleased that this exceptionally large care property has received a long-term care-focused owner after a four-year development project”, says Jaakko Ristola, Head of Real Estate Investment Management at Elite Alfred Berg.
“This property suits us excellently both due to its location and tenants and Elite Alfred Berg has done good work in developing the property. eQ Care special investment fund’s focus is long-term property ownership, enabling us to offer our tenants appropriate premises and sustainable co-operation”, states Jennifer Eloheimo, Investment Director at eQ Care.
JLL acted as Elite Alfred Berg’s commercial advisor on the transaction. Bird & Bird provided legal advice.