Helsinki-based residential landlord Sato has acquired 113 rental appartments in the Finnish cities of Espoo, Vantaa and Tampere from a fund managed by Germany's Patrizia Immobilien.
'The three buildings acquired are situated in Sato's growth areas, and their locations are a good match to our customers' requests. For example, the building in Tampere is located by the coming tram route close to the university, while the Vantaa apartments are within a walking distance from a train station,' commented Sato's vice president Antti Aarnio.
Sato owns 25,681 rental homes in Finland's largest urban growth centres and in St Petersburg. The portfolio is valued at €3.3 bn. The company's strategy was to increase the supply of rental homes in the Helsinki Metropolitan Area, Tampere and Turku, where the demand for new homes is the highest.
In a separate transaction, Sato sold 294 rental homes to Municipal Housing (KAS). The apartments are located in Oulu, Jyväskylä and Pirkkala, Finland. Most of the properties were financed by State-subsidised housing loans (ARAVA loans), so the transactions had to be concluded at a price approved by the authorities.
Aarnio: 'The demand for rental homes is growing all the time and we're increasing our supply of rental homes in areas with the greatest need for housing. We're targeting our investments at apartment building units in the Helsinki Metropolitan Area, Tampere and Turku. Consequently we divest homes located in the other areas.
'It was important for us to find a buyer for these apartments that operates professionally and takes good care of its residents. KAS is a well-known player in these areas, and the residents' tenancy relationships will continue as normal,' Aarnio concluded.
