Helen sells its stake in the geothermal heat company Geonova
Helen Ltd has agreed to sell its shareholding (58%) in Geonova Oy, a provider of geothermal and heat pump solutions, to a leading global real asset investment management firm CBRE Investment Management.
The transaction is part of the execution of Helen’s strategy, which was updated last year. According to the updated strategy, the company’s Heating and cooling business will focus on district heating and cooling services.
“In 2023, we updated our strategy to support the company’s long-term competitive strength and the green transition. The implementation of the strategy will focus on flexibility and profitability. One of our strategic decisions was to have our heating and cooling business focus on achieving the carbon neutrality targets for district heating and, in the long term, phasing out combustion,” says Timo Aaltonen, SVP, Heating and cooling at Helen.
Helen’s heating and cooling solutions are among the best in the world in terms of their supply reliability. The company’s goal is to achieve carbon-neutral energy production by 2030 and to phase out combustion-based energy production by 2040.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $142.5 billion in assets under management* as of June 30, 2024, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. www.cbreim.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.