The assets are located in the large cities in Southern Finland and are nearly fully occupied. The portfolio’s main focus is on Helsinki region and the other apartments are located in Tampere, Lahti and Jyväskylä regions.

The sellers in the transaction are FIM Asuntorahasto I Ky and FIM Asuntotuotto Erikoissijoitusrahasto, which are funds controlled by S-Bank’s Wealth Management companies.

Petri Jokinen, CEO, FIM Kiinteistö Oy:

"We are very pleased with the transaction and that a new domestic owner with a long history in the industry was found for our residential portfolio. At the same time this is a great conclusion for our FIM Asuntorahasto I Ky, established in 2013, and the fund’s term has now successfully ended."

Harri Retkin, CIO, Avara Oy:

"The transaction is an excellent addition to our growing Avara Residential Fund II Ky fund and supports the growth of Avara funds. The fund’s strategy is to own residential properties in growth centres and this transaction supports this goal well. We are pleased to complete the transaction with professional domestic counter parties."

JLL acted as S-Bank’s funds’ sole commercial advisor in the transaction. Borenius acted as the seller’s legal advisor in the transaction. 

Tero Uusitalo, Co-Head of Capital Markets, JLL Finland:

"We are pleased to have been able to successfully advise S-bank's funds in the sale of this residential portfolio. The current market conditions have significantly increased the interest towards residential investments and portfolios of quality - even towards minority-owned assets. Particularly, the strong and predictable existing cash flow is highly sought-after by both domestic and foreign investors. We have truly put an effort on residential segment in Finland for multiple years now and it is rewarding to see that with our extensive market knowledge we were able to achieve great results for our client."