A joint venture between a Morgan Stanley Real Estate Investing–managed fund and Nordic real estate managers Premico and Renger Investment Management has bought a portfolio of 1,594 Finnish rental apartments.
The seller was Kojamo. The sales price as €97 million ($tk million).
The units are spanned across 40 properties in 15 different growth centers across Finland, particularly in southern Finland. The apartments to be sold are located in Hämeenlinna, Jyväskylä, Kotka, Kouvola, Kuopio, Lahti, Lappeenranta, Mikkeli, Pori, Porvoo, Riihimäki, Rovaniemi, Tampere, Turku and Vantaa.
The acquisition marks the Morgan Stanley Fund’s entry into the Finland market.
“We are pleased to enter the Nordic market through the acquisition of a larger housing portfolio. We look forward to working with and developing the properties together with RIM and Premico as our joint venture partners. MSREI plans for continued expansion in the Nordic markets,” commented Ulf Pleschiutschnig, CEO of Morgan Stanley, in a press release.
The joint venture intends to work actively with respect to the portfolio, with renovations and upgrades to the assets. RIM and Premico will jointly run the investment management and asset management of the portfolio.
According to Jani Nieminen, Kojamo’s CEO, the apartments were sold as the company focuses on the seven largest growth centers. In addition, the firm said, in the long run, the return on housing and the future needs for renovation are not in balance.
The sale will be completed by the end of April.
