RIM and Premico will invest in a joint venture with a real estate fund advised by Morgan Stanley Real Estate Investing (MSREI). The subject of the deal is a Finnish residential portfolio, which compromises 40 properties (1,594 apartments) located in Vantaa, Porvoo, Tampere, Jyväskylä and Turku. The seller of the assets is Kojamo plc.
The takeover will take place by the end of April. The debt-free purchase price of the apartment stock to be sold is €97m. The purchase price exceeds the fair value of the properties as stated in Kojamo’s n Financial Statements December 31, 2017 by approximately €5m.
“We are excited to enter the Nordic market through the acquisition of this substantial residential portfolio,” commented Ulf Pleschiutschnig, Managing Director at Morgan Stanley. “We are looking forward to actively working on the assets together with RIM and Premico as our asset development and joint venture partners. MSREI expect further expansion in the region.”
David Renger, CEO of Renger Investment Management: “RIM and Premico have jointly developed investment strategies for the Finnish residential real estate sector. We are delighted that we are executing on our first joint investment in close cooperation with MSREI into a portfolio of assets where we can deliver on an active management strategy.”
“Finland is currently one of the most interesting investment markets in Europe and we are happy that MSREI is entering the Finnish market through their advised funds and intends to continue to grow their presence in our market. The cooperation with MSREI and RIM opens up new possibilities to develop our business and we are naturally excited about that,” says Janne Vaula, CEO of Premico Group Oy.
Advium Corporate Finance acted as the vendor´s transaction advisor and Borenius was the legal advisor for the buyer.
