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Real Estate & Construction / 26 Apr 2016

Borenius advised Vantaa Energy on the sale and leaseback of its headquarters

We advised Vantaa Energy, a large city energy company, on a sale and leaseback transaction where Vantaa Energy’s headquarters property near the Helsinki airport was sold to Nordisk Renting, owned by RBS, and where the parties entered into a 16-year lease regarding the property.

The investment will exceed EUR 15 million, and it includes the partial demolition, refurbishment and enlargement of the property. The renewed headquarters of Vantaa Energy will have close to 5,000 m2 of modern and flexible office space. The property will be constructed according to the LEED Gold standard. The agreement between the parties may be extended for an additional three-year period, and Vantaa Energy has several options to reacquire the property from Nordisk Renting during the term of the lease.

Vantaa Energy is one of Finland’s largest city energy companies. Vantaa Energy produces and sells electricity and district heat. The company also offers natural gas for industrial uses. In addition, Vantaa Energy owns a waste-to-energy plant, completed in 2014, that puts unrecyclable waste to use. The city of Vantaa owns 60% and the city of Helsinki 40% of the company.

Nordisk Renting helps to capture the long-term value of real estate. In its renting concept, the client has continuing control of key aspects of the property. Nordisk Renting has made transactions for a value of more than SEK 90 billion during its operations, and its balance sheet amounts currently to SEK 15 billion.

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