The Finnish Lifelong Learning Foundation (Kvs Foundation) has sold the historical building it had originally built in Töölö, Helsinki.
The transaction was completed on the 7th of July 2021 with a property fund advised by Morgan Stanley Real Estate Investing (MSREI). MSREI, through the funds that it manages, has previously acquired over 2,000 residential units in Finland through multiple acquisitions. Premico acted as a buyer’s advisor and will manage the new acquisition.
The building is located on the corner of the streets Museokatu and Cygnaeuksenkatu. Constructed in 1913, the building has been in both residential and office use during its history.
Ulf Pleschiutschnig, Managing Director at Morgan Stanley & Co-Head of European Real Estate Investments, commented:
“We believe that the Helsinki area shows long-term potential and benefits from positive demographic and urbanisation trends. This asset fits our core strategy of acquiring assets in prime, central locations. We are pleased to have added this asset to our Finnish residential portfolio.”
Samuel Tuomola, partner, and CIO of Premico, commented:
“We are delighted Premico has been able to advise MSREI in making an additional housing investment in Finland. We look forward to actively managing this historical asset. Since 2017, our partnership with MSREI has been successful and we continue to seek further acquisitions with them in the Finnish market.”
Premico Group Oy
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Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions, and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.
Morgan Stanley Real Estate Investing, MSREI
Morgan Stanley Real Estate Investing (MSREI) is the global private real estate investment management arm of Morgan Stanley. One of the most active property investors in the world for nearly three decades, MSREI employs a patient, disciplined approach through global opportunistic / value-add and regional core real estate investment strategies. With offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. As of March 31, 2021, MSREI manages approximately $46 billion of gross real estate assets worldwide on behalf of its clients.
Premico is a Finnish real estate investment and development company specialized in residential assets currently managing over 6,000 rental apartments in over 20 different cities. Together with its partners Premico has established eight residential funds with a total investment capacity of 1,3 billion euros. Premico Residential Fund I & II combined own over 1,400 units of new rental apartments pursuing to grow the portfolio to approximately 2,700 apartments by 2023. Premico is a local partner for Morgan Stanley Real Estate Investing (MSREI) in Finland owning together over 2,000 rental apartments.