Barings Real Estate Advisers, part of global real estate investment manager Barings, has acquired a €43 mln portfolio of seven residential properties in Finland from Varma Mutual Pension Insurance Company on behalf of an institutional investor.
The portfolio comprises seven properties located in the key Finnish growth cities of Espoo, Tampere, Turku and Lahti and provides a total of 18,770 m2 of core Grade A rental accommodation across 301 apartments.
'The demand for rental accommodation in Finland remains strong, both with prospective tenants and investors and with a limited pipeline of new developments alongside an ongoing trend of urbanisation, we expect this to be further strengthened over the coming years,' commented Göran Bengtsson, managing director and head of the Nordics at Barings Real Estate Advisers.
'With 46% of net rental income coming from the Helsinki metropolitan area, this portfolio provides significant and good quality exposure to the country’s largest growth cities and is well positioned to benefit from this demand over both the short and longer term.'
Following this acquisition - Barings’ first in the residential sector in Europe - the firm now manages more than €844 mln of real estate assets in the Nordics.
Merilampi acted as Barings’ legal advisor, Newsec and Borenius advised Varma in the transaction.
