Global investment firm KKR has agreed to acquire a high-quality portfolio of thirty residential properties in Finland from Kruunuasunnot for an undisclosed amount.
The portfolio comprises over 1,200 residential units with two thirds of the portfolio located in the country’s three largest cities of Helsinki, Turku and Tampere.
This transaction is KKR’s first in the Nordic region through its European Core Plus Real Estate strategy, which invests in high-quality, substantially stabilised assets with medium-term value growth potential.
Commenting on the acquisition, Ian Williamson, managing director and head of Core Plus Real Estate in Europe at KKR, said: 'We’re delighted to enter the Finnish residential real estate market with this acquisition. This is our first residential investment in our recently launched European Core Plus strategy and builds on our broader European track record in the residential market. We believe the Finnish residential market has compelling fundamentals, underpinned by a stable economy and strong demand for urban rental housing. The entry basis and business plan align well with our strategy.'
Alexander Thams, director and head of Nordics Real Estate for KKR, added: 'This transaction marks an important step in the growth of our Nordics real estate platform as we continue to accelerate our regional investment strategy. We are pleased to acquire a portfolio of high-quality assets with great potential that are meeting the needs of local tenants and the growing demand for rental housing.'
Avant Capital Partners, a Finnish boutique real estate investor and asset manager, will manage the portfolio.
KKR has an established track record in the Nordic region, having invested over €6 bn in equity since 2007 and strengthening its presence and growth ambitions in the region with the opening of a new office in Stockholm, Sweden in June 2021. Recent investments in the region include Söderberg & Partners, Sector Alarm, Wolt, Nordic Bioscience, Caruna, Avida and a residential real estate joint venture in Denmark.
Krogerus is acting as legal advisor to KKR.