Slättö grows in Finland with second Helsinki CBD hotel

The acquisition is Slättö’s second in the hospitality sector in Finland. The new aparthotel will meet the needs of different groups of travelers, from short- to long-term stay, with high standards in design, quality and sustainability. For this project, Slättö has once again partnered with the tech-led operator Bob W.  

Slättö expands its presence in Finland, by acquiring an office property from Catella Real Estate AG (CREAG) for aparthotel conversion. When finalized, the property will offer 99 modern hotel apartments in Helsinki’s central business district. Slättö’s team has identified hotel real estate as a highly attractive niche in the Nordic real estate market providing interesting investment opportunities given the shortage of high-quality affordable accommodation and a need for product innovation in the industry.   

“The European and Nordic hotel markets are showing a strong performance, as travelling for short and long periods of time is increasing,” says Erik Möller, Head of Hotels at Slättö. “There are significant value creation opportunities in apartment-hotel and long-stay properties that have high design standards and technology-driven operations”. 

Partnering with a leading industry player like Bob W, with essential sector expertise, is key to providing a competitive edge from both an investment and operations perspective. 

Emilia Malmi, CEO of Northern Europe at Bob W, comments, "We are excited about Bob W's expansion into Helsinki's Kamppi district, a key location. The property will offer a unique, modern, high-quality hospitality experience. This enhancement of our partnership with Slättö not only boosts our presence in the Nordic region but also cements our position as a market leader." 

“We are very pleased to add another property to our partnership with Bob W,” says Ilkka Salminen, Slättö’s Country Head in Finland. “With two assets in the central business district of Helsinki, Slättö’s portfolio is an attractive investment proposition.” 

Bob W specializes in short- and long-stay apartments. The company operates design-led, sustainability-focused properties in 16 cities across Europe. Each apartment incorporates its own bespoke local design and technology that give guests both the quality of a lifestyle hotel and the authenticity of a home. Bob W has established itself as a pioneer in sustainability, and the first international climate-neutral hospitality provider. 

Catella Real Estate AG (CREAG) had originally acquired the property in 2011 for the specialized alternative investment fund Catella Scandia Chances. 

Axel Bertram, Portfolio Manager at Catella Real Estate AG (CREAG) adds: "The sale of the property as a development project took place in a challenging market environment, even in Finland. Coupled with ongoing rental income during the operational phase, the sale profit yields a very favorable return on investment. The fund's liquidity position is strengthened, enabling portfolio optimization.” 

The property will be refurbished and leased to Bob W, while maintaining Lidl as a ground-floor tenant. The 99-room hotel will feature a mix of mini studios and one-bedroom units, each equipped with a kitchenette. Its prime location ensures excellent public transport connectivity and makes it attractive for long-stay guests, with the central station just a 10-minute walk away. 

The extensive conversion plans include renewing almost all HVAC systems for improved energy efficiency, replacing or repairing windows, roof and parking deck, and solar energy installation with the goal of achieving LEED Gold certification.  

Renovations will begin in Q1 2024 and the hotel is expected to open to the public in Q2 2025.  

About Slättö  
Slättö is a private equity real estate investor with a Nordic focus. The Slättö funds collectively manage assets of EUR +2bn. Since inception in 2013, the firm has executed +200 transactions with a total transaction value of EUR +3.5bn. Slättö.se   

About Bob W  
Bob W's apartments combine the consistent quality of a hotel with the authentic flair and affordability of a short-stay rental. Backed by Europe's top real estate investors and venture capitalists, Bob W is building the technology to give every guest a local, contactless, five-star experience at scale. bobw.co   

For further information, please contact:
Erik Möller, Head of Hotels  
Tel: +46 70 7733 565 
E-mail: erik.moller@slatto.se    

Ilkka Salminen, Country Head Finland  
Tel: +358 50 341 7441
E-mail: ilkka.salminen@slatto.se 

Annachiara Torciano, Head of ESG and Communications  
Tel: +46 76 696 25 88    
E-mail: annachiara.torciano@slatto.se