A real estate fund advised by Morgan Stanley Real Estate Investing (“MSREI”) in a joint venture with Premico and RIM, acquired 306 rental apartments, all located in Helsinki Metropolitan Area. The assets were acquired on August 31st from two different sellers – the Seafarers’ Pension Funds and the Youth Foundation.
MSREI, Premico and RIM – having previously acquired 1,596 units from Kojamo Plc – have grown their residential portfolio in Finland now to ca. 1,900 apartments. Premico has invested in the portfolio together with the MSREI-advised fund and will be responsible for managing the properties.
Commenting on the acquisition, Ulf Pleschiutschnig, Managing Director & Co-Head Europe Investments of MSREI, said:
“These two acquisitions provide our investors with exposure to assets in a market with positive demographic and economic trends. The assets complement our existing Finnish residential portfolio and our strategy to add value through asset management initiatives and investment into the assets, including efforts to improve energy efficiency.”
Samuel Tuomola, partner, and CIO of Premico, commented:
“We are extremely pleased to make two additional housing investments together with MSREI and we look forward to actively managing and repositioning the portfolio while introducing a high-quality tenant experience. The partnership with MSREI has been successful and we continue to look for further acquisitions with them in the Finnish market with similar value characteristics.”
Further information:
Ulf Pleschiutschnig
MD & Co-Head Europe Investments
MSREI
+44 7810 630 546
ulf.pleschiutschnig@morganstanley.com
Samuel Tuomola
CIO
Premico Group Oy
+358 50 5666 111
samuel.tuomola@premico.fi
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 over two 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.
PREMICO
Premico is a Finnish real estate investment and development company specialized in residential assets currently managing over 6000 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 1200 units of new rental apartments pursuing to grow the portfolio to approximately 2700 apartments by 2023. Premico is a local partner for Morgan Stanley Real Estate Investing (MSREI) in Finland.
RIM
Renger Investment Management (RIM) is a real estate management, development and investment company that executes real estate investments and strategies across the Nordic region. The company has extensive experience from the Nordic real estate investment markets and invests together with and advises Nordic and international real estate investors. RIM has today ca 300 MEUR of assets under management (AUM) in Sweden and Finland. During the past couple of years, the company has together with its investor clients executed real estate transactions in the Nordic region exceeding 400 MEUR and expects to transact another 100 MEUR over the coming year.