NREP Nordic Strategies Fund II, the real estate fund advised by NREP, is investing in new efficient apartments in Helsinki, Espoo and Jyväskylä, addressing the continued growing demand for apartments suitable for one or two person households. The combined portfolio totals more than 600 apartments. The apartment design has been strongly driven by tenant needs and preferences, resulting in affordable housing that combines efficient lay-outs with higher quality than the standard level on the Finnish housing market.
The properties will be constructed by SSR Uusimaa Oy, Pohjola Rakennus Oy Keski- ja Itä-Suomi and JM Suomi Oy.
”The focus of the investments has been new residential apartments in growth centers, mainly the capital region. We have developed a new quality concept with higher standards, and believe this will also be noticed by the tenants. There is a shortage of smaller apartments in the Finnish capital region and in the other larger cities, and we expect strong demand for the new stock”, explains director Petri Valkama from NREP.
”We are very pleased with the portfolio of apartments acquired. The composition of properties fits very well with our strategy to invest in high quality properties at good locations, but within reasonable pricing and rent levels. The investment offers a good risk/return balance, and complements our Nordic residential portfolio”, adds partner Mikko Räsänen from NREP.
NREP Nordic Strategies Fund II invests mainly in retail, logistics and residential properties in the Nordic region. The fund is backed by a number of blue-chip international institutional investors. The fund made its first investments in spring 2016, and will invest more than €1.5 billion in the Nordic real estate market.