Atlas

Background

Following Stockmann's sale of its Academic Bookstore operations to Bonnier a few years earlier, the Book House became a non-strategic asset to them. JLL positioned the asset as a prime, European high street location with significant reversionary potential, in the best location on the Helsinki High Street. The asset was fully leased to multiple tenants, offering a mix of office and high street retail, as well as an attractive balance between secure income and upside potential.

JLL’s global reach and local knowledge were key determinants when the vendor chose to appoint JLL as their advisor in the sale.

Strategy

JLL ran a well-prepared process that included extensive Vendor DD, as the targeted pricing level necessitated meticulous vendor preparation. Around 100 investors were contacted, utilising our senior relationships across Europe. We also targeted a number of active investors who were yet to enter the Finnish market. The seamless connection between local and central teams ensured full coverage of this broad investor base. By tapping into expertise from multiple JLL business lines including leasing and research, we were able to create a solid sales story and verify the strong upside potential. The approach attracted great interest, resulting in multiple stage bidding.

Results

The effective and well prepared process resulted in record interest and price tension for the sale. Our international reach and local knowledge resulted in a new investor entering the Finnish market, and doing so at a record pricing level for the Finnish market. Our client was delighted with the process and result.