Premico Residential Fund II Ky, a fund managed by Premico, has signed a contract with Skanska for the construction of a residential building in Kruunuvuorenranta, Helsinki, consisting of 83 affordable rental apartments and ca. 350m2 retail space, which will serve the residents as a grocery store of the local neighborhood.
Premico has also signed a contract with Pohjola Rakennus to construct a residential building consisting of 65 rental apartments to be located in Porvoo city centre. These development projects will complement the portfolio of Premico Residential Fund I and II, which both invest in affordable housing. Premico is developing the assets with short-term interest subsidy loans
The mission of Premico Residential Fund I and II Ky is to promote affordable rental housing in Finnish growth centers. The funds currently own more than 1,400 affordable rental apartments, mainly in the Helsinki metropolitan area.
Commenting on the acquisitions, Samuel Tuomola, CIO & partner of Premico, said:
“We are extremely pleased with the transactions with Skanska and Pohjola Rakennus. Premico’s emphasis is constructing affordable multifamily properties ensuring comfortable housing for all. These acquisitions complement our strategy as the largest private sector developer of affordable rental housing in Finland.”
Further information:
Samuel Tuomola
CIO, partner
Premico Group Oy
+ 358 50 566 6111
samuel.tuomola@premico.fi