NREP significantly expands its residential portfolio in Finland by acquiring 465 rental apartments
Nordic real estate investment company NREP expands its residential portfolio in Finland with 465 rental apartments located across the country. After the significant acquisition, NREP will have a total of 1,350 apartments completed or under construction in Finland.
NREP has acquired 21 residential rental real estates located in 11 Finnish municipalities from Avara, a leading strategic partner for residential real estate investments in Finland. The rental apartments are situated in central locations in growing cities near city centres and universities. Most of the apartments are two-room and three-room apartments between 40 and 60 square metres in size, there are also studios and family apartments included.
“The acquisition expands our residential portfolio in Finland. The portfolio is suitably diversified geographically, and the occupancy rates of the apartments are excellent – at present, the occupancy rate of the entire portfolio is approximately 98 per cent,” says Jani Nokkanen, Partner at NREP.
The apartments were built between 1995 and 2000 and are in good condition. In addition to the Helsinki capital region, the real estates are located in e.g. the medium-sized Finnish cities of Joensuu, Jyväskylä, Kuopio, Oulu, Rovaniemi and Hämeenlinna.
“The transaction implements the strategy of a real estate investment company we manage, in which we strive to significantly improve the portfolio and focus in growth centres and reduce local concentration,” says Mika Savolainen, Managing Director of Avara.
For additional information, please contact:
Jani Nokkanen, Partner, NREP, +358 9 674 410
Mika Savolainen, Managing Director, Avara Oy, +358 40 098 6526