Finnish real estate fund manager Premico said it raised €45 mln in equity commitments for its third residential fund during the first closing at the end of September.
Premico Residential Fund III has already inked its first acquisition with more planned this autumn.
The fund plans to build over 1,700 additional rental apartments, primarily in the Helsinki Metropolitan Area by 2025.
CEO of Premico, Sami Kiehelä, commented: ‘We are naturally extremely pleased with the trust the investors have on Premico and our newest fund, which benefits from our strong in-house property development, rental residential management and sustainability expertise. Decarbonisation is unquestionably the biggest challenge of all times also to property industry. All our investors share a common ambition to change the industry towards a more environmentally sustainable future.’
The fund has pledged to have zero operational CO2 emissions and to reduce its carbon footprint while building.
All of the fund's assets will be completely compliant with the EU Taxonomy standards for new construction, have Energy Efficiency Class A and either BREEAM or LEED Certification.
Institutional investors such as Veritas Pension Insurance and Seafarers' Pension Fund are among the fund's investors.
