NREP is buying more than 600 apartments in Finland for its second Nordic Strategies vehicle.

The Nordic Strategies Fund II is investing in new-build apartments in Helsinki, Espoo and Jyväskylä.

“The focus of the investments has been new residential apartments in growth centres, mainly the capital region,” said NREP director Petri Valkama.

“We have developed a new quality concept with higher standards, and believe this will also be noticed by the tenants.”

Valkama said there is a shortage of smaller apartments in the Finnish capital region and in other larger cities.

“We expect strong demand for the new stock”, Valkama said.

The properties are being developed by SSR Uusimaa, Pohjola Rakennus Keski- ja Itä-Suomi and JM Suomi.

International institutional investors are invested in Nordic Strategies Fund II, which invests mainly in Nordic retail, logistics and residential property.

The fund made its first investments earlier this year, and will invest more than €1.5bn in the Nordic real estate market.