The seller in the agreement signed on March 21, 2019 regarding two nursing homes, is the Finhoiva fund, managed by Fincap Oy. The sale is continuation to the purchase also made with Fincap Oy in October 2018. The seller in the agreement signed on March 22, 2019 is WasaGroup Fund II Ky. The total value of the transactions is approximately EUR 14 million.
The fund's portfolio manager Petteri Nurminen: “The acquired properties are an excellent addition to our property portfolio. In accordance with our strategy, the properties are new and modern, and are located in good regions. In addition, the nursing homes are already in operation and thus generate immediate cash flow. The properties are acquired with long lease agreements, and with the deal we will again increase the fund’s average return.”
Evli Healthcare I Ky was established in early 2018 and the strategy of the fund is to invest in Finnish nursing and healthcare properties that provide stable cash flow through long-term rental agreements with stable tenancy. The fund focuses, in particular, on modern care facilities that provide services through private operators. The fund’s real estate investments are always acquired with rental agreements, whereby the tenant and rental contract risk is kept low. The fund’s equity is as of the final closing on February 28, 2019 EUR 200 million and the total investment capacity is EUR 400 million.
The Evli Healthcare I Ky Fund is one of the three Evli Fund Management Company’s property investment funds. The two other property funds are EAI Residential I Ky, established in 2015, and Evli Rent Yield established in 2018.