Storebrand Real Estate has acquired a residential portfolio in Finland from Ilmarinen, one of Finland’s largest private earnings-related pension insurance companies, through its core plus fund, Storebrand Nordic Real Estate Fund II (SNRE II). The fund acquired a portfolio of 13 residential assets totaling 999 apartments and more than 54,100 m² of leasable area in the Helsinki Metropolitan Area. The portfolio consists of 22 residential buildings across 13 freehold assets.
The acquired assets are well distributed across Helsinki, Espoo and Vantaa. More than 80 per cent of the portfolio’s net operating income is generated from properties located within walking distance of rail connections, reinforcing the long-term attractiveness of the locations for tenants. With an average construction year of 2007, the assets offer a modern age profile compared with much of the Finnish housing stock.
After the sale of nearly one thousand apartments, Ilmarinen will own around 3,500 residential units in Finland.