Renger Investment Management (RIM) and Premico have set up a new fund which seeks to invest around €400m in residential built-to-rent assets in Finland.
Premico Carbon Neutral Residential Fund (PCNRF), the first carbon-neutral real estate fund in the Nordics, expects to raise €200m during the fund’s first year of operation and targets to have an overall investment capacity of around €400m.
The fund will invest in A-rated energy class buildings located within the Helsinki region, aiming for carbon neutrality during the occupancy period.
Janne Vaula, Premico CEO, said PCNRF has received plenty of interest in its pre-marketing stage from various potential institutional and family office investors, particularly from Asia, central Europe as well as the Nordics.
David Renger, CEO of RIM, said: ”RIM and Premico cooperate on Finnish residential properties since five years and together with our investors we own and manage today 1,900 apartments through jointly owned companies.
“Now we take the next step and raise a new fund together with the highest climate goals and this lay close to our hearts.”
According to Vaula, demand for rental housing investment vehicles that generate a regular and stable income is high, because interest rates, in general, are currently low.
“Premico has broad expertise in the Finnish rental apartment market, which we will also make full use of for the new fund, Vaula said.
“Premico’s goal is to provide unique rental apartment investment products, and the PCNRF enables us to serve a more international and diverse customer base.”
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