UB Asuntorahasto I Ky, a residential property fund launched by United Bankers in autumn 2024, has completed an acquisition with the purchase of the housing company As Oy Helsingin Saukonpaadenranta 4 from Nordea Life Assurance. The property is located in the Jätkäsaari district of Helsinki.
The purchase price and yield were not disclosed.
The property, built in 2012, is located on a freehold site in a central area with convenient access to the amenities of both Ruoholahti and Jätkäsaari. It offers a total leasable area of 7,245 square meters, comprising 120 residential units, five commercial spaces, and a daycare facility. The occupancy rate of the property is 96 percent.
Jätkäsaari was formerly a container port and industrial area, but since 2010 it has been undergoing a major transformation into a new urban district, primarily designated for residential use. This rapidly developing area is projected to house approximately 21,000 residents and provide around 6,000 jobs by 2030. However, residential construction in Jätkäsaari—like elsewhere in the Helsinki metropolitan area—has recently slowed down.
UB Asuntorahasto I Ky is a residential fund targeting professional investors. It focuses on apartment investments within Finland’s growth triangle—comprising the Helsinki metropolitan area, Tampere, and Turku. The minimum investment in the fund is EUR 100,000, and its planned term is 5 to 8 years. The fund’s maximum size is EUR 100 million (NAV), with an investment capacity of up to EUR 200 million through leverage. The annual target return (IRR) for investors is over 10 percent.
Newsec acted as the sell-side advisor to Nordea Life Assurance in the transaction.