Residential landlord Heimstaden Bostad has strengthened its presence in Finland through the acquisition of 2,009 homes from housing company Sato.
The 64 properties consist of 2,009 residential and 30 commercial units with a total lettable area of 109,068 m2.
Financial details were not disclosed.
The residential units have an average size of 52 m2 where the majority is studio or 1-bedroom apartments.
The main part of the portfolio (93%) is located in Oulu, Lahti, and Jyväskylä, which offer attractive investment fundamentals and are among the largest cities in the country.
'With this acquisition, we strengthen our presence and exposure to the strong Finnish housing market. It is a good fit with our strategy to expand our portfolio in and around growth cities across Finland,' said Stanislav Kubácek, managing director of Heimstaden's investment team for Eastern Europe.
After entering Finland in July 2021, Heimstaden Bostad has a total of around 3,000 Finnish homes in its portfolio in the wake of this transaction.
'We are pleased to extend our presence in these attractive cities around Finland and are looking forward to providing more sustainable and friendly homes to our Finnish customers.
'Once we reach sufficient scale, we will establish local in-house operations in the country,' said Andreas Lindqvist, head of operations at Heimstaden Finland.
Heimstaden Bostad was advised by H&H Consulting, Krogerus, Newsec, and PwC in the transaction.
