A Morgan Stanley Real Estate Investing (MSREI) managed fund has entered the Nordic market by teaming up with a joint venture to buy a portfolio of 40 residential properties in Finland.
The MSREI real estate fund has partnered with Renger Investment Management (RIM) and Premico to buy the assets from Kojamo Group for €97m.
The 1,594 rental apartments are located in 15 different growth centres across Finland.
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.
Ulf Pleschiutschnig, a managing director at Morgan Stanley, said: “We are excited to enter the Nordic market through the acquisition of this substantial residential portfolio.
“We are looking forward to actively working on the assets together with RIM and Premico as our asset development and joint venture partners. MSREI expect further expansion in the region.”
David Renger, CEO of RIM, said: “RIM and Premico have jointly developed investment strategies for the Finnish residential real estate sector. We are delighted that we are executing on our first joint investment in close cooperation with MSREI into a portfolio of assets where we can deliver on an active management strategy.”
Janne Vaula, CEO of Premico Group, said: “The cooperation with MSREI and RIM opens up new possibilities to develop our business and we are naturally excited about that.”