The Hyperion development in Helsinki is Union Investment’s second major investment in residential property. Following on from UniImmo: Europa’s purchase of the Y-Towers project in Amsterdam, likewise in the residential segment, Union Investment’s sister fund – UniImmo: Deutschland – is now also gradually building strategic exposure to the European residential real estate markets. Union Investment acquired the Hyperion project by way of forward funding for around EUR 74 million from Scandinavian developer Skanska. The planned residential tower will comprise 216 residential units across 24 upper storeys and total rental space of 10,537 square metres. It is slated for completion in the second quarter of 2023, with construction having commenced in early March. Hyperion is located in Vuosaari, an established housing sub-market in the Finnish capital with excellent transport links. Helsinki’s central business district is just 20 minutes away with public transport via the metro stop on Hyperion’s doorstep, or 25 minutes away by car. As a residential location, Vuosaari benefits from its proximity to the sea and to countryside and recreational green space. Most of the residential units will have a view of the Baltic Sea and Vuosaari Harbour.
“We want to develop residential investments into a strong pillar in our portfolio alongside offices, logistics, hotels and retail. The economically stable Nordics, countries where we have been investing in commercial property for many years, offer attractive framework conditions for residential investments, and especially development projects,” said Martin Schellein, head of Investment Management Europe at Union Investment Real Estate GmbH. “The Hyperion project with its high sustainability standards and central location in an established Helsinki sub-market can serve as a role model for further residential investments. We are very pleased that we were able to secure this first large residential investment in the Nordics for our UniImmo: Deutschland fund.”
“We are pleased that our long-term development work has culminated in this high-quality residential building project that is now moving to the construction phase. We are looking forward to working together with Union Investment in this project. Hyperion will be an eye-catching landmark in Helsinki,” said Tuomas Vaarasalo, Development Project Director at Skanska.
The aim is to obtain a Finnish sustainability certificate for the Hyperion building with an energy efficiency rating of “A”. Solar panels on the roof and façade will help to meet the building’s energy needs. There are also plans to install a system for recovering heat from waste water to supply the residential units.
Source : Union Investment Real Estate