Union Investment, which entered the Finnish residential market earlier this year, has invested €100m in a forward funding deal to buy a second asset in Helsinki.

The investment firm said it has bought the 15,952sqm, Atlas project on behalf of its open-ended real estate fund Unilmmo Global.

The 33-storey residential tower, expected to be completed in the fourth quarter of 2024, was acquired from developer Skanska.

Union Investment first entered the Finnish residential property market in March with the acquisition of the Hyperion development project in Helsinki from Skanska.

Martin Schellein, the head of investment management Europe at Union Investment Real Estate, said as the final components of the Dolphin Block development scheme, Atlas and Hyperion will complete the southern part of the established Vuosaari residential area.

“Given existing excess demand, the prominent location and the high planned level of construction quality, we rate the letting prospects for both residential towers as very good.”

Jukka Haaparanta, project development director at Skanska, said: “Development of the tower blocks in Vuosaari has been interesting and rewarding. Atlas is the tallest building Skanska has built in Finland. I am pleased that our cooperation with Union Investment continues along with this new project.”

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