Apartment conversion Bulevardi
Case study

Transactions


About the case

Media company Sanoma Oyj owned several properties and had made a decision to divest some of them. Sanoma wanted to release capital from properties to its core business. Sanoma owned two office buildings in Helsinki city center at Bulevardi. The buildings were partly in Sanoma’s own use and partly leased to third parties.

Sanoma made the decision to divest the properties at Bulevardi. Newsec identified a possibility for an alteration of use in the properties. The transaction process begun with preparation, after which the properties were marketed to a targeted group of potential investors.

Results

Several bids for the properties were received. There were offers based both on current use and alteration of use. Highest bids came from investors intending to alter the use of the properties. The sales agreement was signed successfully and Sanoma was able to release capital to its core business.

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