German investor Catella Residential Investment Management has made its debut in Finland by purchasing 300 apartments in Helsinki for around €80 mln.
Catella Wohnen Europa, the company's pan-European residential fund, made the acquisition from Finnish insurance group Fennia.
The portfolio comprises six residential properties built in 2011, with a total lettable area of 18,500 m2. The assets are virtually fully let, according to Catella.
The acquisition brings the value of the fund close to €800 mln.
Michael Fink, managing director of Catella Residential Investment Management, said: ‘We see more opportunities in Finland as well as other core countries in Europe. We aim to expand further with a focus on affordable housing for seniors, young professionals and students.’
Benjamin Rüther, investment advisor at Catella Residential Investment Management, said: ‘Finland is a very interesting and professional market as many participants are institutional investors and portfolio sales are common.
'Demand for apartments is increasing due to favourable demographics in the country’s key cities which makes Finland an attractive market in which to have a presence.’