Toivo Group (Toivo) has signed a comprehensive agreement, comprised of a €41,85m and c. 141 apartment single-family home portfolio to Nuveen Real Estate (Nuveen). The contract is one of the most significant new apartment development and building contracts in Finland in the years 2023-2024.
The single-family home portfolio includes one finished asset and three other assets that are to be built, located in Helsinki, Espoo and Vantaa. The single-home family portfolio comprises detached, semi-detached and terraced houses, that combine private gardens, family home size, A-energy class and functional floor plans. Toivo will build these assets between the years 2025-2027.
“I am happy, that international institutional investors have found Finnish single-family homes to be an interesting investment class and want to lift Finnish family homes into the institutional investment category. I want to thank Nuveen for this significant contract, and I very much look forward to our collaboration,” said Markus Myllymaki, CEO of Toivo Group Plc.
Oscar Maltesen, Director, Nuveen Real Estate, said: “We remain convinced that occupier demand for single-family rentals will grow in the largest and most dynamic cities across the Nordics, and look forward to providing these high-quality assets to the Helsinki region. The region demonstrates particularly favourable underlying fundamentals and a highly dynamic rental market. We have already invested significantly in the nascent and undersupplied sub-sector in Denmark and will continue to seek new opportunities in key Nordic cities, with a focus on providing additional supply to the HMA. It has been a great pleasure to work with Toivo on this transaction and we look forward to the continued collaboration to deliver these houses to the rental market.”
Image provided by Inderes IR Distribution.
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