Public Property Invest acquires life science property in Finland

Norwegian real estate firm Public Property Invest (PPI) has bought a life science building currently under construction in Turku, Finland, on the Otaniemi university campus. 

Life Science Property Espoo

The €79 mln (SEK 868 mln) purchase will be paid in installments tied to construction progress, starting with €10 mln due 30 April 2024. 
The roughly 15,700 square meter property, slated for completion by the end of 2026, is already fully leased to Relex Solutions and HOK-Elanto under long-term agreements averaging over 10 years remaining.
Ilija Batljan, CIO of PPI, commented: “Acquisition of the neighboring asset to the school we acquired earlier this year is a great addition to our portfolio within critical infrastructure in Finland. The acquisition is also continuing our good cooperation with the developer HGR Property Partners. We want to enable growth and efficiency to our important stakeholders and partners through strategic and long-term real estate investments”.
The finished property is designed with strong environmental and social governance (ESG) features in mind, targeting top certifications like LEED Platinum and WELL Platinum, along with an A-level energy rating. On-site renewable energy generation, such as solar panels, is also planned.
With this acquisition, PPI strengthens its presence in the Helsinki Metropolitan Area.