The portfolio includes apartments in a number of Finland’s largest urban areas with around 55% of the income centred around the Helsinki Metropolitan Area. Even as MSREI announces the sale of this portfolio, it continues to invest and manage other residential assets in Finland through its various funds.
Ulf Pleschiutschnig, Co-Head of Europe Investments, MSREI, said:
“In line with our focus on environmental and social sustainability we have successfully implemented an ambitious improvement and refurbishment programme. We have significantly increased the energy efficiency of the portfolio, bringing it close to net-zero carbon emissions. We have also created a better living environment for our customers by refurbishing the exterior and interior of their homes. We are now excited to have found in OCP a responsible long-term owner of this portfolio who we trust will continue on our journey to improve the quality of these homes for their residents. At the same time, we are looking forward to continue to invest into the Finnish residential market.”
Joris Voorhoeve, Partner, OCP continued:
“The underlying portfolio is at the core of our investment strategy – affordable and sustainable housing across Europe. We are long-term investors in the residential space and we intend to build on the capex programme accomplished by MSREI by further modernising the properties and investing in green-energy initiatives.”
Samuel Tuomola, partner and CIO of Premico, co-investor and operating partner in the portfolio commented:
“Our organization has done an outstanding job managing the portfolio, executing a demanding capex plan and simultaneously improving the overall tenant experience. Since 2017, our partnership with MSREI has been successful and we continue to seek further acquisitions in the Finnish market.”
JLL and Borenius acted as Morgan Stanley Real Estate Investing’s commercial and legal advisor in the transaction. Nordano and Hannes Snellman acted as OCP’s commercial and legal advisors.