Sweden-based real estate manager Nyfosa has entered the Finnish market via a partnership with Brunswick Real Estate.
Nyfosa and Brunswick Real Estate are teaming up to form a company with the aim of building up a SEK7bn (€685.9m) diversified property portfolio within five years.
Nasdaq Stockholm-listed Nyfosa will initially hold a 90% stake in the new company and the remaining 10% stake will be help by Brunswick Real Estate.
Brunswick Real Estate, which has operated in the Finnish market since 2006, will lead operational activities relating to transactions, property management and sustainability under a management agreement.
The newly created company expects to acquire a variety of property types, excluding residential properties, in regional towns and cities.
Patrik Andersson, CEO of Brunswick Real Estate, said: “We are thrilled to broaden our already established operations in Finland, and in particular to do this together with an agile and transaction-oriented company like Nyfosa.
“Our complementary fields of expertise and Brunswick’s proactive property management activities focusing on measurable sustainability give us the best starting point for a successful investment mandate.”
Stina Lindh Hök, the CEO of Nyfosa, said: “After having monitored the Finnish market for some time, we can see that there are attractive business opportunities in the country that have the potential to offer solid returns.
“We have high ambitions and our goal is to grow quickly, provided we identify the right business deals. By leveraging the joint strengths of both companies, coupled with a strong capital and bank market, we have the right opportunities to achieve this goal. We have a transaction pipeline that we are evaluating.”
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