The sales process – from drawing up a strategy to implementation
“Our portfolio comprised two old office properties in downtown Helsinki and an office property completed in 2001 in Leppävaara – attractive sites, but overall the portfolio was lacking an understandable common denominator. In addition, we had an issue in the form of one small shareholder in one of our downtown valued properties. It was decided that Ecorum’s proposal for the sale of the sites would be initiated immediately – to sell everything, either together or separately. The strategy was a success. Aberdeen’s Nordic fund purchased the city-centre valued properties, and a fund managed by Fennia purchased Basso, in Leppävaara,” Sunell continues.
“The sales strategy was drawn up carefully and as such the negotiations and reporting to the customer went smoothly. Ecorum’s team was flexible and inventive – which we really needed, especially when the sale progressed to the Due Diligence phase. When the goods for sale are mainly over one hundred years old, you need sufficient documentation on the history of the property’s repairs, special competence, and effort”, says Sunell of the project’s various phases.
“Even though our schedule stretched a few weeks over the agreed deadline of the turn of the year, the sale overall went very well. With Ecorum’s expertise, we were able to attract the interest of both Finnish and international investors. And even though we decided to make some concessions – primarily relating to repair costs – the overall price remained within the desired band in line with Ecorum’s advance estimate. And because our cooperation went flawlessly, I can warmly recommend Ecorum as a partner to other property owners,” concludes Ralf Sunell.