Union Investment acquires second residential project in Finland

Union Investment has acquired the Atlas project in Helsinki from Nordic construction and project-development company Skanska.

Offering total rental space of 15,952 square meters (171,706 square feet), the 33-story residential tower will comprise 288 apartments and three retail units on the ground floor. The acquisition is being made on behalf of open-end real estate fund Unilmmo: Global. The purchase price is around €100 million ($115.7 million).

Union Investment first entered the Finnish residential-property market earlier this year by purchasing the neighboring Hyperion tower, which is also being developed by Skanska. The Atlas project also has been acquired by forward funding and is scheduled for completion by fourth quarter 2024.

“As the final components of the Dolphin Block development scheme, Atlas and Hyperion will complete the southern part of the established Vuosaari residential area. Given existing excess demand, the prominent location and the high