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HELSINKI, FINLAND-Commerz Real has purchased the Swing Life Science Center here for about $174 million. According to a report in PropertyEU, the German-based property manager made the deal with owner Etera Mutual Pension Insurance Co.

This is the first Finnish deal for Commerz Real.

The Swing Life Science Center finished construction in 2008; built on the idea of bringing together numerous life science companies in one location to share ideas, research and technology. The first life science facility in Finland, it is a five-building asset, totalling 345,522 square feet. The 7- to 11-story buildings are interconnected within the property. At present, it is 90% occupied with the average lease expiring in seven years.

‘With this acquisition in Helsinki, we have made our market entry in Finland. It contributes to the ongoing geographic diversification of our real estate portfolio. In connection with our commitment in Sweden, the share of Nordic investments will increase to 6%,’ said Hans-Joachim Khl, member of Commerz Real’s management board and in charge of real estate acquisitions, in the report.

To read the full report in PropertyEU click here.

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