Converting a unique office property into a luxury hotel
CapMan Nordic Real Estate fund acquired Yrjönkatu 13, a landmark building by the Old Church Park in Helsinki city centre in December 2015. The property will be converted into a 150-room luxury hotel St. George, operated by CapMan’s portfolio company Kämp Collection Hotels, the leading Finnish luxury and lifestyle hotel operator.
This investment is perfectly in line with our CapMan Nordic Real Estate fund’s value-add strategy
A unique property well suited for hotel conversion
Yrjönkatu 13 was originally designed for residential use by the architect Onni Tarjanne, who has designed many landmark buildings in Helsinki, including the Finnish National Theatre. The most iconic section of the current 10,200 square metre building was completed in 1890, after which it has been expanded in several phases. The property has been in office use from the 1970s and the existing floor plans are well-suited for hotel conversion. A long-term lease agreement has been signed with Kämp Collection Hotels and the building will be completely renovated starting from the beginning of 2016. The new St. George hotel will open for public in summer 2017.
CapMan Real Estate has extensive track record and knowledge of the location and the market; within one-kilometre radius CapMan Real Estate has owned 11 different assets and completed another office-to-hotel conversion: GLO Hotel Art. The renovation work aims for the LEED© Platinum environmental certificate.
CapMan Real Estate’s strong experience in property development and hotel properties have been a great advantage already in the project planning phase
"We are excited to develop this state-of-the-art hotel in such a great location. We have worked together with Kämp Group for over a year to develop the hotel conversion plan. CapMan Real Estate’s strong experience in property development and hotel properties have been a great advantage already in the project planning phase. We are proud to bring new life to this exceptional building together with Kämp Collection Hotels. This investment is perfectly in line with our CapMan Nordic Real Estate fund’s value-add strategy” says Juhani Erke, Partner at CapMan Real Estate.
Location: Helsinki, Finland
Investment period: 2015 -
Gross area / Lettable area: 12,700 m²/10,080 m²