Sponda agrees loan extension for non-core assets

Under the terms of the agreement, Sponda has secured an extension of the loan to February 2027. This enables the company to continue its asset management activities and the orderly disposition of these properties, which were identified as non-core at the time of Blackstone’s acquisition. 

The majority of the Sponda portfolio, which consists of core assets predominantly in Helsinki, was previously refinanced in 2021/2022 on a five-year basis.

Christian Hohenthal, CEO, Sponda, said: “The support for this extension from creditors demonstrates their belief that Sponda is best placed to continue the management of these assets,  and drive value as the market recovers. With strong momentum and operational performance in 2023, Sponda is well positioned to continue to advance its growth plans, which are focused on the Helsinki CBD.”

Grade A office in Helsinki CBD continues to outperform, as confirmed by data from JLL, with higher quality premises in the CBD seeing the highest occupancy and utilisation rates. This trend is benefiting Sponda thanks to its core portfolio of higher-quality, well-located properties.

Sponda has seen strong leasing and development activity in the final quarter of 2023. This includes an agreement with PwC for an 8,300 square metre premium office space at Signe, its newest development in Helsinki’s city centre. The company also announced that it will develop world-class facilities for gaming company Housemarque, part of the PlayStation Studios family. Due for completion in the summer of 2024, The Korkeavuorenkatu 37 property will be one of the largest and most advanced gaming company headquarters in the Nordics. Most recently, Sponda announced that Mehiläinen, a leading provider of health and social services has signed a lease to move its HQ operations to Sponda’s Arkadia 6 office building in Helsinki’s City Centre.

Sponda’s focus on quality and sustainability is recognised by its consistent ranking among the most sustainable real estate companies globally, including in this year’s GRESB Real Estate Assessment, the leading global ESG benchmark for real estate and infrastructure investments.

Sponda Ltd