Catella European Residential (CER) acquired 350 apartments within five properties covering almost 14,200m2 of gross lettable area (GLA) in the four Finnish cities of Espoo, Kerava, Tampere and Turku, in the country’s ‘Golden Residential Triangle’ that extends to the north and northwest of the capital Helsinki. The seller is S-Bank Fund Management Ltd, part of Finland’s S-Bank. Investors in the CER Fund.
Berlin-based Catella Residential Investment Management GmbH (CRIM) is the manager of the CER Fund with Catella Real Estate AG providing the German KVG regulatory platform.
Michael Keune, Managing Director CRIM, said: “The stabilized five assets are located in the Helsinki, Tampere and Turku regions - the "Golden Triangle" of Finland's main residential markets with fast-growing economic and educational centres. Significant energy upgrades are planned for all properties, such as photovoltaic systems and/or geothermal heating.”
The five properties were completed between 2017 and 2021 and are in good technical condition with strong environmental profiles as evidenced by B energy efficiency ratings of all the assets.
The comfortable and functional apartments are between 23m2 and 75m2 with well-appointed kitchens and bathrooms and balconies providing tranquil outside space. All the properties have good connections to public transport.
Benjamin Ruther, Head of Fund Management CRIM, added: "Over the past decade the average household size in Finland has shrunk and the share of single-person households in the population is the highest in Europe at about 47% compared with an average of around 34% in the EU as a whole. Smaller apartments, such as the one the Catella European Fund has just acquired, are preferred by singles and couples who make up over three-quarters of Finland’s population. “
Robert Karlsson, Managing Director and Tapio Nurkkala, Investment Director, Catella Asset Management Oy added: "The fundamentals for residential investments in Finland remain strong. We are very proud of Catella’s proven ability to close transactions in this challenging market environment. Furthermore, Catella Asset Management is very pleased to have facilitated a second entry to the Finnish market of a fund managed by CRIM.”
Image provided by Bellier.
