Public Property Invest ASA, has acquired the Maurinkatu 1 property in central Helsinki from HGR Property Partners Oy. The property, located in the historic Uudenmaan Kasarmi quarter in the Kruununhaka district, is set to undergo a comprehensive renovation to modern standards with a strong emphasis on sustainability.
The development will repurpose the existing building, originally constructed in the 1880s as a barracks for the Uusimaa Sharpshooter Battalion, into educational facilities. The total lettable area of approximately 5,000 square meters is fully leased to the City of Helsinki for daycare use and to the private Elias School, which will relocate from Eira. The lease agreements have an average unexpired term of over 22 years, with an estimated annual net operating income of EUR 1.7 million upon completion. The total investment cost is approximately EUR 27.5 million, with a projected net initial yield of around 6.2%.
Sustainability has been a key focus in the project’s design. The renovation will prioritize the reuse of the existing building structure, with the property set to achieve LEED Gold certification. Additionally, a geothermal heating system will be installed to enhance energy efficiency.
Construction work is set to commence soon, with completion expected by the end of 2026.