JLL advises S-Bank in the sale of a residential portfolio
A residential property fund S-Bank Housing non-UCITS Fund, managed by S-Bank Fund Management Ltd has sold five residential properties to a Fund managed by Catella Residential Investment Management GmbH.
The properties are located in Espoo, Kerava, Tampere and Turku in excellent locations close to daily services.
The portfolio comprises 350 apartments, with a total of 14,200 square meters of lettable space. These properties, completed between 2017 and 2021, offer modern living spaces for tenants.
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. This transaction also strengthens the fund’s liquidity position and enables looking into new investment opportunities in 2024.”
Michael Keune, Managing Director CRIM, said: “The stabilized five assets are located in the Helsinki, Tampere and Turku regions - the "Golden Triangle" of Finland's main residential markets with fast-growing economic and educational centres. Significant energy upgrades are planned for all properties, such as photovoltaic system and/or geothermal heating.”
Tapio Nurkkala, Investment Director, Catella Asset Management, added: “yet again, despite of the challenges in the market environment, we are extremely pleased to facilitate a new market entry into Finland with one of the oldest funds managed by Catella Residential Investment Management GmbH. We would also like to thank S-Bank Fund Management Ltd for a smooth co-operation during the process.
Pauliina Rantsi, Deputy Head of Capital Markets, JLL Finland: "We are delighted to have successfully advised S-Pankki in this transaction. The robust underlying long-term market fundamentals support the future growth of residential investments in Finland. This transaction exemplifies how a modern, high-performing, and article 9 suitable residential portfolio continues to attract investor interest even in a turbulent market environment, and we anticipate even further improvement in investor demand in 2024. We are thrilled to further enhance our track record with this portfolio, and it is gratifying to witness that our market knowledge has enabled us to deliver 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 and Krogerus Attorneys as the Buyer’s legal advisor.
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