Bird & Bird advises Åbo Akademi on the sale of a landmark university property in Turku
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Partner
Finland
I am the head of our Real Estate and Infrastructure Group in Finland and wider Nordic level. My legal approach to client work is strategic, solution oriented and pragmatic.
International law firm Bird & Bird advised the Åbo Akademi University Foundation on the selling of the Arken university property, located in the heart of Turku, to Turun Teknologiakiinteistöt Oy. The transaction was valued at approximately €43 million.
Arken is leased to Åbo Akademi University under a long-term agreement of approximately 20 years. The property houses the Faculty of Humanities and includes lecture halls, offices, a library, and an underground parking facility with 59 spaces. The total lettable area is approximately 15,100 square metres.
Between 2001 and 2004, the Foundation carried out extensive renovation and redevelopment works to convert the historically significant buildings into modern facilities for education and research. The original structures on the site are protected due to their cultural and architectural value.
The divestment supports the Foundation’s long-term strategy to reduce its direct real estate ownership. The buyer, Turun Teknologiakiinteistöt, is a prominent owner of educational and research properties in Turku.
Bird & Bird’s advisory team included partner Jaakko Hietala and senior associate Joanna Puhto. Catella acted as the financial advisor to the Åbo Akademi University Foundation.