Patrizia portfolio company Kinland is acquiring a portfolio of 28 social infrastructure properties in Finland from eQ Community Properties for €76 mln.
Located around Helsinki, Oulu and Kuupio, the assets are mostly let on long-term leases to leading operators in the pre-school and other care categories.
Closing for 12 of the properties will be by 30 December 2022, while the acquisition of the remaining 16 properties should be completed by Q1 2023.
Graham Matthews, CEO of Patrizia Infrastructure and chairman of the Board of Kinland, said: ‘The acquisition of this significantly sized portfolio continues Kinland’s growth trajectory as a pre-eminent Nordic social infrastructure platform and strengthens our footprint in Finland in particular. This transaction is fully aligned with both Kinland’s mission to ‘invest where people live’, as well as Patrizia’s broader long-term commitment to being an enabler of sustainable cities which meet the needs of the local population. Megatrends such as demographic and societal changes are only accelerating the need for high-quality social infrastructure worldwide and governments alone cannot meet demand.’
Benjamin Thorsen, CEO of Kinland, commented: ‘This large bolt-on acquisition confirms Kinland’s ambitions for enhancing our essential societal role as a provider of social infrastructure across the Nordics and continental Europe, as well as PATRIZIA’s commitment to support Kinland’s long-term growth ambitions. With this significant transaction, we continue to strengthen our position as a leading provider of both daycare and care facilities in Finland, and, by also building up a local organisation in Helsinki, we will accelerate this growth even further.’
With the latest transaction, Kinland has grown from 172 properties in October 2019 to over 310, making it one of the leaders in social infrastructure in the Nordics.
Particularly strong growth has been observed in Finland where the company has tripled the portfolio from 47 to 142 social infrastructure units over the last two years.
Kinland was recently awarded GRESB ‘Most Improved for 2022’ and scored 93 for its sustainability commitments.
Kinland was advised by Deloitte for legal, financial and tax issues, while WSP provided technical guidance.
