A real estate fund advised by Morgan Stanley Real Estate Investing ("MSREI") in a joint venture with Premico and RIM, acquired 306 rental apartment
All located in Helsinki Metropolitan Area, Finland
A real estate fund advised by Morgan Stanley Real Estate Investing ("MSREI") in a joint venture with Premico and RIM, acquired 306 rental apartments, all located in Helsinki Metropolitan Area, Finland. The assets were acquired on August 31st from two different sellers, the Seafarers' Pension Funds and the Youth Foundation.
MSREI, Premico and RIM - having previously acquired 1,596 units from Kojamo Plc - have grown their residential portfolio in Finland now to ca. 1,900 apartments. Premico has invested in the portfolio together with the MSREI-advised fund and will be responsible for managing the properties.
Commenting on the acquisition, Ulf Pleschiutschnig, Managing Director & Co-Head Europe Investments of MSREI, said:
"These two acquisitions provide our investors with exposure to assets in a market with positive demographic and economic trends. The assets complement our existing Finnish residential portfolio and our strategy to add value through asset management initiatives and investment into the assets, including efforts to improve energy efficiency."
Samuel Tuomola, partner, and CIO of Premico, commented:
"We are extremely pleased to make two additional housing investments together with MSREI and we look forward to actively managing and repositioning the portfolio while introducing a high-quality tenant experience. The partnership with MSREI has been successful and we continue to look for further acquisitions with them in the Finnish market with similar value characteristics."
MD & Co-Head Europe Investments
+44 7810 630546
+358 505 666111
Premico is a Finnish real estate investment and development company specialized in residential assets currently managing over 6000 rental apartments in over 20 different cities. Together with its partners Premico has established eight residential funds with a total investment capacity of 1,3 billion euros. Premico Residential Fund I & II combined own over 1200 units of new rental apartments pursuing to grow the portfolio to approximately 2700 apartments by 2023. Premico is a local partner for Morgan Stanley Real Estate Investing (MSREI) in Finland.