Kinland, owned by the infrastructure arm of fund manager Patrizia, is acquiring 28 social infrastructure properties in Finland from eQ Community Properties for €76m.
The portfolio is primarily located in or around Finland’s largest cities of Helsinki, Oulu and Kuupio and largely let on long-term leases to preschool and care operators.
The transaction will close in two phases, with 12 properties acquired by 30 December 2022 and the remaining 16 expected to complete in Q1 next year.
The deal will increase Kinland’s portfolio to 310 assets. The company had 172 in October 2019, when it was acquired by Patrizia (known as Whitehelm Capital at the time, prior to a takeover by Patrizia in 2021).
Graham Matthews, CEO of Patrizia Infrastructure and chairman of the board of Kinland, said: “The acquisition of this significantly sized portfolio continues Kinland’s growth trajectory as a pre-eminent Nordic social infrastructure platform and strengthens our footprint in Finland in particular.
“This transaction is fully aligned with both Kinland’s mission to ‘invest where people live’, as well as Patrizia’s broader long-term commitment to being an enabler of sustainable cities which meet the needs of the local population. Megatrends such as demographic and societal changes are only accelerating the need for high-quality social infrastructure worldwide and governments alone cannot meet demand.”
Benjamin Thorsen, CEO of Kinland, said: “This large bolt-on acquisition confirms Kinland’s ambitions for enhancing our essential societal role as a provider of social infrastructure across the Nordics and continental Europe, as well as Patrizia’s commitment to support Kinland’s long-term growth ambitions.
“With this significant transaction, we continue to strengthen our position as a leading provider of both daycare and care facilities in Finland, and by also building up a local organisation in Helsinki, we will accelerate this growth even further.”