AXA Investment Managers - Real Assets (AXA IMRA) has completed the acquisition of a residential portfolio in Finland from LocalTapiola General Mutual Insurance Company, for €22 mln.
This acquisition, made on behalf of a German special fund focused on residential investments, comprises three core assets in Helsinki and one in Tampere. It marks AXA IMRA's entry into the Finnish residential real estate market.
The German special fund, with gross fund volume of approx. €375 mln, is predominantly invested in Germany and the Netherlands.
Built between 1994 and 2011, the almost fully let portfolio totals 6,648 m2. It is comprised of 119 apartments, with an average size of 56 m2, of which 64% are one or two-bedroom apartments.
