The portfolio comprises of 226 apartments and total of over 10,200 square meters of lettable space. The properties have been completed in 2018, 2021 and 2022 offering strong ESG-profile with new buildings. One of the assets will turn its heating system to geothermal heating during spring 2023.

Juho Santaharju, Fund manager, S-Bank: We are pleased with the sale and that the properties continue under another professional ownership. The transaction is part of the fund's strategy to construct quality housing in central locations and the executed transaction is a great example of successful construction projects. We follow closely current interesting market environment and try to utilize opening opportunities in both buying and selling properties.1

Joonas Lemström, Country lead, NREP: We want to stay active in the market despite a challenging environment and increase our ownership in all relevant real estate segments this year. Our investment strategy focuses on identifying quality properties with attractive supply-demand balance and the possibility to create additional value through ESG investments. We are happy with this transaction, and we believe that ongoing urbanization combined with slowing construction volumes will support the demand for apartments like these. We also see an opportunity to create value by improving the properties’ ESG-profile by upgrading the energy efficiency rating and investing in renewable energy solutions. All properties will be part of the NREP Income+-fund, where we seek steady cash flow producing properties.

Pauliina Rantsi, Deputy Head of Capital Markets, JLL Finland: We are extremely pleased to have successfully advised S-Pankki in this transaction. Despite of the current market turbulence caused by high inflation and increased interest rates, residential investments in Finland are still backed by strong long-term market fundamentals. During the transaction process we were seeing clear interest towards these high-quality properties with strong ESG footprint. We are happy to continue our strong track record with this prime portfolio, and it is rewarding to see that with our market knowledge we were able to achieve great results for our client.

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