In the heart of Helsinki: the impact of active on-site support
What makes the property at Eteläesplanadi 20 stand out?
It is situated on Eteläesplanadi, one of the best addresses in Helsinki and comparable to Bahnhofstrasse in Zurich.
The building, which dates from the 1970s, has been extensively modernised and now offers flexible, contemporary office space as well as state-of-the-art building services. An added bonus for day-to-day life is that there are a supermarket and a restaurant on the ground floor, which is ideal for short walks and informal meetings.
This combination of location, quality and potential uses makes the property particularly attractive to tenants.
The main tenant has extended their lease early, until 2035. How was this success achieved?
As the law firm occupies around 70% of the space, the question of whether and on what terms the premises would continue to be retained was particularly important.
We initiated dialogue at an early stage and presented a comprehensive package comprising market-driven terms, an emphasis on the excellent location, and concrete support with refurbishing the premises.
These factors led to the lease being extended by ten years, even before it was due to expire.
What is your main concern regarding this property at the moment?
Now that the lease has been extended, our focus is on implementation.
We are closely monitoring the refurbishment work and are regularly consulting with the property manager and the tenants. At the same time, we are keeping a close eye on the remaining spaces. For example, one tenant was able to downsize, and we quickly re-let the spaces that became available.
How does AFIAA maintain its relationships with tenants?
Direct contact and a close working relationship are crucial. Thanks to our on-site presence, we can identify market changes and our tenants’ needs at an early stage, developing suitable solutions together.
What personally appeals to you about working in international real estate?
My work involves different markets and cultures. In Finland, for instance, people tend to work in a highly structured and reliable way, whereas in Southern Europe, the approach is often more flexible and personal. Responding to these differences whilst maintaining high-quality standards is what makes the role so appealing.
One thing is always key: selecting the right partners and managing them effectively.
Matthias Bleicher MRICS, Vice Head of Asset Management International at AFIAA Investment
Foundation for International Real Estate Investments
