RIM and Premico have formed a joint venture with a real estate fund advised by MSREI to acquire a portfolio of 306 apartments across four residential properties in the Helsinki Metropolitan Area.
The investment was made in two separate transactions with the Seafarers' Pension Funds and the Finnish Youth Foundation respectively. Financial details were not disclosed.
‘These two acquisitions provide our investors with exposure to assets in a market with positive demographic and economic trends. The assets complement our existing Finnish residential portfolio and our strategy to add value through asset management initiatives and investment into the assets, including efforts to improve energy efficiency,’ commented Ulf Pleschiutschnig, managing director & co-head Europe Investments of MSREI.
The joint venture intends to work actively with respect to the portfolio, with renovations and upgrades of the assets. RIM and Premico will jointly run the asset management of the portfolio.
David Renger, CEO of Renger Investment Management said: ‘RIM and Premico have jointly developed asset strategies for Finnish residential investment opportunities and we have since 2018 invested in residential assets together with MSREI. This add-on acquisition confirms our strategies, strengthens our joint venture and we currently hold a portfolio of 1,900 apartments in Finland.’
‘The partnership with MSREI has been successful and we continue to look for further acquisitions with them in the Finnish market with similar value characteristics,’ added Samuel Tuomola, partner, and CIO of Premico.
