Catella Wohnen Europa, the pan-European residential fund advised by Catella Residential Investment Management (CRIM), has entered its 10th market in Europe with the acquisition of a portfolio of over 300 apartments across Finland for nearly €80m. Six residential properties, purchased from Finnish insurance group Fennia and its subsidiary Fennia Life, were built in 2011 and comprise 18,500m². The assets are mainly located in the Helsinki Metropolitan Area, with one in Tampere and one in Jyvaskyla.
Benjamin Ruther, Investment Advisor at Catella Residential Investment Management, said: “Finland is a very interesting and professional market as many participants are institutional investors and portfolio sales are common. Demand for apartments is increasing due to favourable demographics in the country’s key cities which makes Finland an attractive market to have a presence. We now rank as one of the pioneers among the select group of foreign investors active in Finland’s residential market.”
Jussi Rouhento, Managing Director at Catella Asset Management Finland, said: “Residential has become the biggest real estate investment class for institutional investors in Finland in the past decade. Foreign investors’ share of the total volume of housing portfolios soared to 58% in 2018 and that strong investment activity has continued so far this year. This portfolio is located in the Helsinki region and two regional hubs that are also major university cities. All three cities have positive population forecasts and Tampere and Jyvaskyla are regional centres in their own right. This was our first local deal in Finland together with Catella’s European residential team and a major step for Catella Asset Management Finland into the residential sector.”
Michael Fink, Managing Director Catella Residential Investment Management, said: “We see more opportunities in Finland as well as other core countries in Europe. We are proud that ‘Catella Wohnen Europa’, our second European Residential Fund launched in 2016, used our internal network to partner with the teams from Berlin and Helsinki to help make its first investment into Finnish residential. This acquisition will bring the Fund close to the €800m mark and strengthen Catella’s European Residential platform across Europe. And we aim to expand further with a focus on affordable housing for seniors, young professionals and students.”