Public Property Invest ASA (PPI) has signed an agreement to acquire two adjacent elementary school properties for €37.1m. The properties are located in the city of Espoo, a part of the Helsinki metropolitan area.
The properties total approximately 10,000m2 and are fully let, of which 94% to the Municipality of Espoo. Both properties are newly refurbished and are certified BREEAM Very Good. Annual gross rental income is approximately €2.93m and the lease contracts have an average unexpired lease term of 14 years.
“PPI’s strategy is to grow by being a leading consolidator of social infrastructure properties in the Nordics. These school properties are very attractively located in Espoo, which is the second-largest and fastest growing city in Finland. The properties are located in the university area Otaniemi, adjacent to the Aalto University which is one of the leading universities in Finland. This transaction marks a very attractive entry into the Finnish market,” said Ilija Batljan, CIO of PPI.
Mrec Investment Management Oy will be PPI’s local operating partner in Finland. The transaction is expected to close in January 2025.
Image source - Pexels.
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