A newly-established affiliate of Finnish real estate investment manager Sirius Capital Partners has signed an agreement to acquire two residential buildings in Turku and Espoo, comprising a total of 137 apartments.
Financial details have not been disclosed.
The seller is Bonava, a large Nordic construction company. The assets are acquired pre-construction at a pre-determined price and will be completed in 2022 and 2023.
The first deal, in Turku, comprises 66 apartments in the growing residential area of Kirstinpuisto, slated for completion next year. In total, Bonava plans to construct 1,400 housing units in Kirstinpuisto; the deal regards Bonava's fourth multi-family housing block in the area.
Riku Patokoski, business unit president, Bonava Finland, said: 'We are delighted to do our first cooperation with Sirius Capital Partners which will enable us to contribute to the development of the attractive Kirstinpuisto area and to build additional rental apartments in Turku.'
The second deal regards 71 apartments in Espoo, due for completion in 2023.
Patrick Gylling, CEO of Sirius Capital Partners, said: 'We have been analysing the Finnish residential sector for some time and find it interesting for a portfolio build-up strategy.
'To this end, we have recently made some new key hires and are now very happy to have entered this sector with a sizeable acquisition from Bonava.'