RIM and Premico invest in a joint venture together with a real estate fund advised by MSREI into a portfolio of 40 residential properties in Finland. The portfolio is comprised of 1,594 apartments whereof the majority are located in southern Finland. The portfolio of residential properties is located in growth areas including Vantaa, Porvoo, Tampere, Jyväskylä and Turku, among others. Kojamo plc is selling the portfolio and the takeover will take place by the end of April.
“We are excited to enter the Nordic market through the acquisition of this substantial residential portfolio,” commented Ulf Pleschiutschnig, Managing Director at Morgan Stanley. “We are looking forward to actively working on the assets together with RIM and Premico as our asset development and joint venture partners. MSREI expect further expansion in the region.”
The joint venture intends to work actively with respect to the portfolio, with renovations and upgrades to the assets. RIM and Premico will jointly run the investment management and asset management of the portfolio.
David Renger, CEO of Renger Investment Management: “RIM and Premico have jointly developed investment strategies for the Finnish residential real estate sector. We are delighted that we are executing on our first joint investment in close cooperation with MSREI into a portfolio of assets where we can deliver on an active management strategy.”
“Finland is currently one of the most interesting investment markets in Europe and we are happy that MSREI is entering the Finnish market through their advised funds and intends to continue to grow their presence in our market. The cooperation with MSREI and RIM opens up new possibilities to develop our business and we are naturally excited about that.” says Janne Vaula, CEO of Premico Group Oy.
Advium Corporate Finance acted as the vendor´s transaction advisor and Borenius was the legal advisor for the buyer.
Source : Company