Samhällsbyggnadsbolaget i Norden (SBB) has invested €222m to buy a portfolio of care homes and children’s daycare centres in Finland from a real estate fund managed by eQ Asset Management.
The Special Investment Fund eQ Care has sold the 55 properties to the Nordics social infrastructure real estate investor, in a deal eQ said is expected to align the fund’s portfolio towards its target allocation.
The fund, founded in 2012, manages €1.3bn of social infrastructure real estate assets in different segments and locations in Finland.
Tero Estovirta, head of real estate investments at eQ Asset Management, said: ”This transaction will shape eQ Care Fund’s portfolio towards our target allocation.
“In connection with this deal, the fund strengthens its position as owner and developer of larger and centrally located care and municipal properties while improving the effectiveness of its operations.”
Estovirta said following the disposal, the number of properties in the fund decreases to 107 from 162, while the average size of the assets increases, which also streamlines fund management.
“After the divestment, Helsinki region’s share of the fund is 66%.”
JLL acted as eQ Care special investment fund’s sole commercial advisor.
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