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