European real assets fund manager Niam and Kuuskodit Investment Management have launched a Finnish rental housing venture and acquired a seed portfolio from Toivo Group.
The joint venture, which will target terraced family houses in the Helsinki metropolitan area, Tampere and Turku, has acquired the seed portfolio of five constructed assets built in 2021-2022.
The portfolio includes 117 apartments housed in terraced buildings, totalling 5,900sqm of leasable area, located in Espoo and Turku.
The partners said the venture has multiple projects in progress and planned for the future. The joint venture is also pursuing partnerships and investments to broaden its reach and strengthen its offerings in the single-family rental market.
Henrik Gerdin, fund manager at Niam, said; “We have successfully invested in terraced housing sector in Denmark for several years and are thrilled to expand the strategy into Finland.
“This is a good example of Niam’s capabilities to work across the Nordic region and highlights the opportunities Niam can create with local presence.”
Antti Muilu, country manager Finland at Niam, said: “Our primary goal is to provide rental homes that can truly meet the needs of modern housing standards in the Nordics. These terraced houses are designed to offer both privacy and community in a family-friendly setting.
“With our partner Kuuskodit, we want to bring a new alternative to traditional rental housing market and are actively looking for opportunities to increase the portfolio.”
Markku Jääskeläinen, CEO of Kuuskodit Investment Management, said: “We would like to express our gratitude to Niam for their trust and we are fully committed to steering this joint venture.
“Our primary focus lies in energy efficiency and the utilisation of sustainable building materials such as wood. This not only benefits the environment but also provides long-term value to our tenants.”
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