Morgan Stanley Real Estate (MSREI) has purchased 1,594 rental apartments in Finland together with Nordic investor RIM and Fnnish firm Premico from Kojamo, Finland's largest property owner. The investment volume came to €97 mln.
The 40 residential properties are located in 15 different growth centres across Finland, mostly in the south. Premico and RIM will be responsible for the investment management, while Premico Management Oy will be responsible for the property management.
'We are excited to enter the Nordic market through the acquisition of this substantial residential portfolio,' said Ulf Pleschiutschnig, managing director at Morgan Stanley. 'We are looking forward to actively working on the assets together with RIM and Premico as our asset development and joint venture partners. MSREI expect further expansion in the region.'
'Finland is currently one of the most interesting investment markets in Europe and we are happy that MSREI is entering the Finnish market through their advised funds and intends to continue to grow their presence in our market,' said says Janne Vaula, CEO of Premico Group Oy.
Advium Corporate Finance advised the vendor on the transaction, while Borenius was the legal advisor for the buyer.
