C&W/H&B Expands Presence In Finland

22 Mar, 2005, Helsinki

C&W/H&B is extending its representation in the Nordic region with the appointment of an Associate Office to cover the Finnish market.

C&W/H&B has appointed one of Finland's leading commercial property consultants, Yritys-resurssit Oy, as its Associate Office. The Helsinki-based company, which offers the full range of property services, including transaction work and management, has operated in the Finnish market since 1985.

Jorma Sonninen, Yritysresurssit Oy's Chief Executive Officer, comments: "Finland is one of Europe's most dynamic markets. The economy is growing faster than the European average, Finland is part of the euro zone - which means no currency risks for euro investors, and the Helsinki office market has a relatively low vacancy rate."

Yritysresurssit Oy will report to C&W/H&B's Head of Associate Offices, Ralph Holland. The Finnish Associate Office will work closely with C&W/H&B's other new appointment in Finland - Investment Consultant, Markus Gylling.

Markus, an investment banker who is also qualified as a lawyer, was Head of Corporate Finance at Finland's Handelsbanken Investment Banking, where he worked for 13 years. Prior to that he was with Finland's largest commercial bank, Kansallis-Osake-Pankki, and its associate Nordic Bank in London.

Giles Wilcox, Partner, C&W/H&B's European Investment Group, comments: "Markus will be a great asset to our investor clients looking at entering Finland. The Finnish investment market is about having access to the right product - and this is where Markus can open doors. He has unrivalled knowledge and expertise in advising large and medium sized Nordic companies and the Finnish Government, and more than 20 years' experience in corporate and asset sales and acquisitions, together with raising capital and structuring transactions."

Markus Gylling, C&W/H&B's newly appointed Investment Consultant, comments: "The Finnish real estate investment market has traditionally been dominated by domestic institutions, in particular the pension funds and insurance companies. The market is now opening up as these Finnish players look to diversify their portfolios by investing outside Finland, and more international investment is flowing in."

Finland, like the Nordic region as a whole, is seeing faster economic growth than the European Union (EU) average. Last year, Finland's economy grew by 3.7 per cent, compared with an EU average of 2.2 per cent, and this year it is set to grow 2.8 per cent compared with just 1.9 per cent for the EU.

The office rental market is also ahead of the EU average in terms of the growth cycle, with rents currently stable and expected to see earlier stronger growth. In the investment market, the attraction is the higher yields; the average headline prime office yield in Finland is 6.5 per cent, compared with 6.25 per cent for top cities in Western Europe. The gap is greater in retail, with Finland at 6.3 per cent and Western Europe 5.3 per cent.

C&W/H&B now has full representation in the Nordic region. The Firm has its own office in Sweden, an Associate office in Norway, Mork & Partners, and in Denmark it signed up RED as an Associate office in January 2005

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