Press release - 29 June 2009
CapMan sells a commercial property in Helsinki
CapMan Real Estate I fund has sold the office property located at Ludviginkatu 3–5 in the Kaartinkaupunki district of central Helsinki to EM Group. The exit has no impact on CapMan Plc’s result for 2009.
The five-storey commercial property is located at Ludviginkatu 3–5 in central Helsinki. The building was constructed in 1891 and it has a lettable area of ca. 4,000 m². CapMan Real Estate I fund acquired the property in September 2007. The return on the investment is in line with the original expectations.
CapMan Real Estate I fund has transferred to carry in 2007 but the fund is still in the active investment phase. The fund will not pay carried interest to CapMan from this exit because it has made 10 new investments since it transferred to carry. Any new capital paid in, as well as the preferential annual return on it after the fund transferred to carry, must be returned to investors before further carried interest income can be paid.
CapMan manages three real estate funds, of which CapMan Real Estate I invests in commercial properties in the Helsinki metropolitan area, CapMan RE II in commercial properties and property development targets in Finland and CapMan Hotels RE in hotel properties in the Nordic countries.
For further information, please contact:
Kalle Myllymäki, Investment Director, CapMan Real Estate, tel. +358 50 356 6940
Pekka Paananen, Real Estate Director, EM Group, tel. +358 40 770 8872
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