JLL advises NREP in the sale of residential portfolio in Finland
An investment fund managed by NREP has agreed to sell a residential portfolio of 942 apartments to Kojamo Plc. The portfolio consists of 13 assets in the Helsinki Metropolitan Area, Turku and Jyväskylä. The leasable area of the portfolio is approximately 32,000 sq m.
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The assets, located adjacent to great local amenities and public transportation connections, have been developed by NREP and completed between the years 2017-2021. The portfolio is 100% BREEAM-certified and one of the assets is heated ecologically with geothermal heating highlighting the strong sustainability profile of the portfolio. The apartments are finished with quality standards above market average offering modern and high-quality living for tenants.
We focus on developing high-quality, sustainable rental housing that meet people's needs in the larger city regions that are growing. This enables us to create long-term housing solutions that deliver the best possible value for residents, communities and cities. The transaction is significant to us and reflects well how we have managed to create an investment strategy based on high-quality rental apartments that take sustainable development goals into account, and their attractiveness can also withstand changes in the market.
Olli Turunen, Head of Investment Unit, Kojamo Plc:
The properties to be acquired are an excellent fit with our strategy, and they strengthen Kojamo’s apartment offering in the areas in question. They are located in growing urban locations, close to good transport links, diverse services and opportunities for outdoor recreation.
Pauliina Rantsi, Deputy Head of Capital Markets, JLL Finland:
We are very pleased to have successfully advised NREP in the sale of this residential prime portfolio. Predictable existing cash flow combined with high apartment quality and strong ESG presence created an excellent, securing investment opportunity meeting current investment criteria. We are happy to continue our strong track record in the residential segment and to be able to achieve great results for our client in changing market environment.
JLL acted as NREP’s sole commercial advisor in the transaction. AVANCE acted as the seller’s legal advisor in the transaction.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.