Avara Residential Fund II, a fund managed by Avara, will increase its portfolio with 200 new rental apartments in Helsinki and Tampere during spring. The fund aims to manage more than 2,000 apartments through portfolio acquisitions and its own project development.
In February, Avara Residential Fund II bought a residential portfolio of almost 400 apartments from S-Bank’s funds. The 200 apartments now being completed are part of 600 apartments under construction or in project development.
“The new apartments are located in growth centres in areas that are being constructed rapidly. In all the locations, the use of the area has changed. In Northern Pasila, a former logistics centre is turning into a village-like residential area. In Koskela, the historical hospital area will blend into the small town-like Käpylä. Tampere is expanding into a former industrial area where one of our fund’s new buildings is located”, says Tuomas Rantsi, Chief Operating and Development Officer of Avara.
This month, a new building with 63 apartments was completed in the old match factory area in Santalahti, Tampere, next to Pispala and the disused lakeside road. In Helsinki, a new building with 60 apartments was completed in Postipuisto, Northern Pasila this month and a building with 77 apartments will be completed in Koskela in early June.
Urbanisation is increasing the demand for apartments in the Helsinki metropolitan area and other important growth centres. Regional projects focused on complementary construction offer us an opportunity to develop exactly the kind of buildings that satisfy our needs, says Arttu Ekqvist, CEO of Avara Rahastot Ltd.
Avara Residential Fund II is a closed-end private equity fund aimed at professional investors. The fund invests in market-based and especially rental housing in Finnish growth centres. Its strategy is to provide a stable cash flow and an excellent return on investment through Avara’s own project development, developing existing assets and through projects executed by construction companies.
The fund is still open for investment. The fund seeks a capital raise of 200 million euros for a portfolio of half a billion euros from professional investors in Finland and abroad.
For more information, please contact:
Chief Operating and Development Officer