UPM-Asunnot Oy has sold its residential portfolio to the Danish-Finnish real estate investment company Waterhouse Real Estate Investment Oy for US$91 million.
The main owner of Waterhouse Real Estate Investment Oy is the Danish real estate development company KE PROJECT A/S. The company was founded in 1993 and it has operations in Denmark, Sweden and South Africa.
UPM-Asunnot Oy owns around 2,000 rental apartments throughout Finland. Situated mainly in the same locations where UPM has its production units, the apartments were originally built as company housing. Most of the tenants are not employed by UPM so the company has decided to sell the apartments. The deal has no impact on rental relations.
Oaklins' team in Finland advised the buyer in this transaction.
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