Public Property Invest ASA has signed an agreement to acquire two adjacent elementary school properties for EUR 37.1 million. The properties are located in the city of Espoo, a part of the Helsinki metropolitan area. The properties total approximately 10,000 sqm and are fully let, of which 94% to the Municipality of Espoo.
Both properties are newly refurbished and are certified BREEAM Very Good. Annual gross rental income is approximately EUR 2.93 million and the lease contracts have an average unexpired lease term of 14 years. Mrec Investment Management Oy will be PPI's local operating partner in Finland.
The transaction is expected to close in January 2025.