Patrizia’s Kinland subsidiary has agreed to acquire 31 social infrastructure properties in Finland from various sellers for a combined value of €70.4 mln.
The assets comprise 24 preschool properties and seven care service properties. A large majority of the properties are new or recently built with high technical and environmental standards and are primarily let to leading operators in their segments on long-term leases.
The assets are split into three portfolios from various sellers: the acquisition of 12 properties from Hoivatilat; the acquisition of 15 properties from OP Public Services Real Estate Fund; and the acquisition of four properties from a group of undisclosed sellers.
Kinland is a major owner of social infrastructure assets in the Nordic region and continental Europe. With the closing of these latest transactions, Kinland will have undertaken a total of 20 bolt-on acquisitions since it was acquired by a Patrizia Infrastructure-led consortium in 2019. The combined deals represent Kinland’s third largest completed bolt-on acquisition, measured in gross property value.
Following the transactions, Kinland will own and manage a portfolio of 347 properties, which represents more than 100% growth under Patrizia’S ownership. This growth has been particularly strong in Finland, where Kinland has more than tripled its footprint from 47 to 173 social infrastructure units.
Graham Matthews, CEO of Patrizia Infrastructure and chairman of the Board of Kinland, said: ‘The acquisition of these high-quality assets continues Kinland’s growth trajectory and underlines its reputation is the pre-eminent Nordic social infrastructure platform.’
Benjamin Thorsen, CEO of Kinland, said: 'These large bolt-on acquisitions further substantiate Kinland’s ambitions for enhancing our essential societal role as a leading provider of social infrastructure across the Nordics and continental Europe. With these significant transactions, we continue to strengthen our position as a leading provider of both preschool and care facilities in Finland.'
These transactions come after Kinland acquired a €76 mln portfolio of social infrastructure assets from eQ Community Properties in December 2022.
