23 June 2022 at 11:30 am EEST
Kojamo agrees to acquire 942 apartments
Kojamo and a fund managed by NREP have entered into an agreement under which Kojamo’s subsidiary Lumo Kodit Oy will acquire 942 rental apartments in Finnish growth centres. The transaction is contingent upon the normal conditions for a property transaction. The parties aim to finalise the transaction during June 2022.
The transaction concerns 13 high-quality properties completed between 2017 and 2021. Of the apartments, 461 are located in Helsinki, Espoo and Vantaa, 191 in Turku, and 290 in Jyväskylä. The parties have agreed that the transaction price will not be disclosed. If completed, the transaction will increase Kojamo’s total revenue for 2022 by approximately EUR 4 million. The tenancy agreements for the properties will remain in effect unchanged.
The investment supports Kojamo’s strategic growth in the capital region as well as in Turku and Jyväskylä. Kojamo’s strategy is to invest in apartments in Finland’s growth centres, where the demand for rental apartments is on the rise due to urbanisation and the increasing popularity of rental housing.
“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. We welcome our new customers to enjoy our range of Lumo services,” says Chief Investment Officer Ville Raitio.
For more information, please contact: Ville Raitio, Kojamo plc, Chief Investment Officer, tel. +358 20 508 3012
Distribution: Nasdaq Helsinki, key media
Kojamo is Finland’s largest private residential real estate company and a frontrunner in the rental housing business. Our mission is to create better urban housing. We operate in Finland’s most significant growth centres and our Lumo brand provides rental housing and new services for urban housing with 50 years of experience. We actively develop the value and number of our investment properties by developing new properties and our existing property portfolio. We want to be the property market frontrunner and the number one choice for our customers. Kojamo’s shares are listed on the official list of Nasdaq Helsinki. For more information, please visit kojamo.fi/en/