The year 2024 began under challenging conditions for the real estate industry. High interest rates, slowing economic growth, and a significant decline in transaction volumes created a business environment where success required organizations to adapt quickly and embrace bold renewal and innovation. For Trevian, 2024 was marked by hard work, resulting in notable achievements and new opportunities despite the challenges. We also reshaped our organizational structure and operating methods to meet market needs better. As we move forward to 2025, we anticipate significant progress, the year starting on a positive note for our business.

Here are some of the highlights of Trevian’s 2024, which we look forward to continuing in 2025.

RESIDENTIAL: Nuveen, one of the largest and oldest investment managers globally, entered the Finnish residential sector by acquiring a 141-apartment single-family home portfolio. Trevian Asset Management acted as an advisor in the project to Nuveen on behalf of Nuveen’s pan-European diversified Value Add strategy. The acquired portfolio in the Helsinki Metropolitan Area includes one finished asset and three other assets to be built. Nuveen’s investment strategy focuses on meeting the growing demand for high-quality rental housing in the area by investing in modern, affordable, and energy-efficient homes. Trevian will continue as an advisor and asset manager for the portfolio.

DATA CENTERS: Trevian expands its business to infrastructure investments, starting with data centers. Jukka-Pekka Joensuu has been appointed the lead advisor for the new infrastructure business unit, which focuses on investments related to data centers and energy infrastructure.

SHOPPING CENTERS:

• Agore Properties continued progress through its core values. The Agore shopping centers Revontuli, Lanterna, and Aapeli, managed by Trevian, were awarded a BREEAM certificate for environmental efficiency. BREEAM certification will also be applied for other Agore shopping centers during 2025.
• According to Agore’s 2023 Sustainability Report, Agore’s occupancy rate reached an all-time high of over 93% at the end of the year, and tenant satisfaction had increased. Tenant sales and shopping center visitor numbers also developed very positively. Agore Properties is owned by the Mutual Pension Insurance Company Elo, the Swedish National Pension Fund Första AP-fonden, and Trevian Asset Management.
• Rituals opened a new store in Revontuli in Rovaniemi.
• Agore initiated investments in the development Kolmikulma in Jyväskylä.
• Finland’s largest social care and healthcare provider Mehiläinen made a million-euro investment in the Galleria shopping center in Lappeenranta. Mehiläinen expanded its premises and invested in improving its imaging services through a magnetic resonance imaging device and a renewed native X-ray device. The total value of the investment reached approximately 1.5 million euros.

OFFICE AND COMMERCIAL LEASES:

• VillageWorks opened its five-story flagship office hotel, covering over 1,700 square meters, in Erottaja2, owned by BlackRock and managed by Trevian Asset Management. Michelin-awarded top chef Jari Vesivalo also opened his first restaurant, Jason, in Erottaja2, offering unforgettable gastronomic experiences.
• The services supporting well-being at the Move office building in Helsinki were strengthened by long-term cooperation agreements with Compass Group‘s restaurant services and sports center operator ELIXIA. ELIXIA’s head office will also relocate to Move.
• Loihde, a security and digitalization specialist, has leased new premises at Aleksi 15, owned by BlackRock, on Aleksanterinkatu in the heart of Helsinki. Instrumentarium, a specialist optical store chain, opened its renovated flagship store in the value property managed by Trevian. The Aleksanterinkatu store has been Instrumentarium’s home base since 1930.
• Hines, one of the world’s largest privately owned investment, development, and property management firms, appointed Trevian Asset Management to develop the lease operations of the Kasarmikatu 21 office building located in Helsinki CBD. The largest corporate accounts of this LEED Platinum-certified property are Roschier and Danske Bank.
• The logistics and industrial property Hankasuontie 11 was fully leased within nine months and successfully converted from a single-tenant to a multi-tenant property.

ENERGY EFFICIENCY: Trevian Asset Management started implementing more robust ESG measures in its real estate asset management strategies by introducing a hybrid power plant concept in the managed properties. The primary objective of these energy efficiency investments is to develop future-proof solutions that align with investor and tenant carbon neutrality goals. The concept strives for operational carbon neutrality while significantly reducing maintenance costs.

• Iso Paja in Helsinki implemented a hybrid power plant into the property heating solution as part of an energy pilot to improve the energy efficiency of the property. Utilizing a hybrid power plant and intelligent control systems can optimize thermal energy usage in the property, and energy consumption peaks can be addressed.
• Trevian expanded its large-scale energy efficiency investments launched in 2024 to several properties under their management. Implementation was initiated at three logistics and office locations in the Helsinki metropolitan area.

ARENAS:

• Trevian Kasvu LP Ky and Arena Events Oy signed an agreement regarding the acquisition of controlling C shares in Helsinki Halli Oy. The transaction is in the regulatory process.
• Raksila 2.0, a consortium of SRV Rakennus Oy and Trevian, was selected as a negotiating partner for the Oulu arena project, which is progressing to the tender stage.

ORGANIZATIONAL RESHAPING: Trevian Asset Management implemented an organizational restructuring that took effect on October 1, 2024. The restructuring brought significant changes to the management team’s responsibilities and organizational structures. The reorganization aimed to strengthen Trevian’s strategic direction, improve operational efficiency, and better respond to the changing needs of the market and clients.

CUSTOMER AND EMPLOYEE SATISFACTION INCREASING: In 2024, Trevian continued to focus on the responsible development of its business through comprehensive internal and external satisfaction surveys. Tenant satisfaction surveys, investor feedback and NPS results, and employee satisfaction surveys showed all a positive trend.

Trevian Asset Management is a Finnish real estate investment and asset management company focused on office, retail, residential, logistics and data centres, owned by its key personnel. We offer full-service asset management and structured investment services throughout the whole investment lifecycle. The services are focused especially for institutional real estate investors, banks, and other professional investors. Trevian’s assets under management is 1.2B€. www.trevian.fi/en