Deal News: Acquisition of a residential portfolio in Finland
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”) has completed the acquisition, on behalf of its clients, of a residential portfolio in Finland, which comprises three core assets in Helsinki and one in Tampere, from LocalTapiola General Mutual Insurance Company, for €22 million.
This acquisition, made on behalf of a German special fund focused on residential investments, marks AXA IM - Real Assets’ entry into the Finnish residential real estate market. The German special fund, with gross fund volume of approx. €375 million(1), is predominantly invested in Germany and the Netherlands.
Built between 1994 and 2011, the almost fully let portfolio totals 6,648 sqm. It is comprised of 119 apartments, with an average size of 56 sqm, of which 64% are one or two-bedroom apartments.
(1) AXA IM - Real Assets's data (unaudited)