AXA Investment Managers - Real Assets (AXA IMRA) has completed the acquisition of three core residential assets in Finland from LocalTapiola Real Estate on behalf of a German special fund focusing on housing.
Financial details were not disclosed.
The assets, located in Helsinki, were acquired from LocalTapiola's managed fund Tapiola KR IV by the AXA Deutschland fund.
Covering around 5,632 m2, the assets were built between 2011 and 2015. The fully-occupied portfolio comprises 89 apartments, with an average size of 63 m2, of which 60% are one or two-bedroom units.
This acquisition follows the entry of AXA IMRA into the Finnish residential real estate market in 2017, where it now manages a circa €200 mln residential portfolio comprising 1,200 units.
JLL advised the seller LocalTapiola on the transaction