RREEF Buys Mixed-Use Asset in Finland
RREEF Real Estate, the investment management business of Deutsche Asset Management, has acquired a mixed-use development in the greater Helsinki area for €50 million from Finnish real estate developer YIT. The 14,000-square-metre property, Safiri, was acquired on behalf of RREEF’s German open-end property fund, Grundbesitz Europa.
“A significant influx of funds over recent months, along with healthy liquidity reserves, have enabled us to continue the geographic diversification of Grundbesitz Europa’s property portfolio,” says Ulrich Steinmetz, a managing director of RREEF Real Estate in Germany. “Crucial factors in the acquisition were the long-term leases with tenants possessing excellent credit ratings, the high quality of the property and its excellent l