· RIM expands its cooperation with French investor Corum Asset Management and advises in Corum´s acquisition of 6 Finnish hotels leased to Scandic Hotels and Holiday Club on long leases
· The portfolio comprises ca 43,500 sqm and holds ca 870 rooms. The hotels are located in Turku, Kemi, Rauma, Saariselkä, Kuusamo and Katinkulta
· The purchase price is 72.4 MEUR
Renger Investment Management (RIM) continues its cooperation with Corum Asset Management in its expansion into the Nordic real estate market. Corum AM has, on behalf of its fund Corum Convictions SCPI, acquired a portfolio of 6 hotel assets across Finland. Vendor is CapMan Hotels RE Ky.
David Renger, CEO of RIM comments: ” RIM´s cooperation with Corum is successfully expanding within long let real estate. We have concluded four off market transactions and RIM is positioning itself in the Nordic region within investment management and advisory. During the past two years, we have invested together with and advised Nordic and international investor clients to a value exceeding 300 MEUR.”
The hotel portfolio includes three city center hotels in Turku, Kemi and Rauma operated by Scandic Hotels and three Holiday Club Spa Hotels located in the popular resort and recreational areas of Saariselkä, Kuusamo and Katinkulta.
“We are pleased that we have been able to grow our presence in the Finnish real estate market over the past year. The acquisition of the hotels from Capman improves our position in the market and we enter the hotel segment which we appreciate a lot. RIM´s sourcing capabilities has proved to be a key success factor and we look forward to future cooperation.",
says Philippe Cervesi, Corum AM, Investment Director.
“During the last two years, we have signed new long leases and made extensive renovations together with our tenants to the exited hotel properties, so these hotels are in good position to enable future growth supported by the strong development of the hotel market in Finland. It is our pleasure to welcome Corum to the Finnish hotel market and we want to thank Corum and RIM for the smooth and professional process during the transaction.”, says Markku Jääskeläinen, CapMan Real Estate, Investment Director.
· A real estate fund advised by Morgan Stanley Real Estate Investing ("MSREI") acquires 1,594 rental apartments from Kojamo plc in a joint venture with RIM and Premico.
· The apartments are located in 15 different growth centres across Finland.
· Premico and RIM will be responsible for the investment management, while Premico Management Oy will be responsible for the property management.
RIM and Premico invest in a joint venture together with a real estate fund advised by MSREI into a portfolio of 40 residential properties in Finland. The portfolio is comprised of 1,594 apartments whereof the majority are located in southern Finland. The portfolio of residential properties is located in growth areas including Vantaa, Porvoo, Tampere, Jyväskylä and Turku, among others. Kojamo plc is selling the portfolio and the takeover will take place by the end of April.
“We are excited to enter the Nordic market through the acquisition of this substantial residential portfolio,” commented Ulf Pleschiutschnig, Managing Director at Morgan Stanley. “We are looking forward to actively working on the assets together with RIM and Premico as our asset development and joint venture partners. MSREI expect further expansion in the region.”
The joint venture intends to work actively with respect to the portfolio, with renovations and upgrades to the assets. RIM and Premico will jointly run the investment management and asset management of the portfolio.
David Renger, CEO of Renger Investment Management: “RIM and Premico have jointly developed investment strategies for the Finnish residential real estate sector. We are delighted that we are executing on our first joint investment in close cooperation with MSREI into a portfolio of assets where we can deliver on an active management strategy.”
“Finland is currently one of the most interesting investment markets in Europe and we are happy that MSREI is entering the Finnish market through their advised funds and intends to continue to grow their presence in our market. The cooperation with MSREI and RIM opens up new possibilities to develop our business and we are naturally excited about that.” says Janne Vaula, CEO of Premico Group Oy.
Advium Corporate Finance acted as the vendor´s transaction advisor and Borenius was the legal advisor for the buyer.
Renger Investment Management (RIM) is increasing its cooperation with Corum Asset Management and advises in its third purchase in Finland.
Corum AM has, on behalf of its fund Corum Convictions SCPI, acquired the old bus station at Jalkarannantie 1 in central Lahti that is undergoing a retail conversion. The asset is now being fully refurbished and will be completed during the spring of 2018. The main tenant is the Finnish retailer Kesko and is let on long leases.
David Renger, CEO of RIM comments: ”The cooperation with Corum is expanding further within long let real estate across the Nordics. Having transacted over 110 MEUR in four transactions together with investor clients over the past 12 months, RIM is well ahead on building a solid platform for institutional investors wanting to access the Nordic markets.”
The location of this asset is very strong, next to the city centre of Lahti with good car access on the western bypasses of the city. The asset is furthermore strategically located next to the harbor areas, where new residential development is expected during the coming years.
“We are pleased to have done our second transaction with SSR group. This is our third investment into the Nordic region having invested around 30 MEUR the last few months. We appreciate the sourcing capabilities and the network of RIM that has opened up the Nordic market for us during a short period of time. We have invested around 400 MEUR in Europe in 2017 and plan to invest even more in 2018 with high ambitions for the Nordic region", says Philippe Cervesi, Corum AM, Investment Director.
The property is designed in 1939 by Kaarlo Könönen and is a unique building representing the functionalistic era and it is a protected site.
Arto Kukkonen, CEO of SSR Group: “We are confident that the redevelopment of the old bus station in Lahti will be a welcome addition for the citizens of Lahti to the expansion of the western parts of the city centre. We are furthermore pleased to announce our expanded cooperation with RIM and Corum for our second disposal of our recent developments.”
Renger Investment Management (RIM) is increasing its presence within the Nordic real estate market through its strategic cooperation with Corum Asset Management. During 2017, RIM has developed its relations with the rapidly growing French investor Corum AM and the first transaction is now closed.
Corum AM has, on behalf of its fund Corum Convictions SCPI, closed its first transaction acquiring the recently constructed retail asset at Horninkatu 1 in Pori, Finland for approx. 9 MEUR.
” The acquisition of Horninkatu 1 in Pori is our first investment into the Nordic region and we are very pleased to have done it on an off-market basis from SSR Group. We appreciate the cooperation with RIM and we look forward to further growth in the region. "We will invest around 350 MEUR in Europe in 2017 and plan to invest more in 2018 with high ambitions in the Nordics", says Philippe Cervesi, Corum AM, Investment Director.
David Renger, CEO of RIM further comments: ”The cooperation with Corum complements the investment criteria of RIM´s existing investor clients and opens up for working with long let real estate across the region. The cooperation with Corum is in line with RIM´s strategy to engage together with financially strong and well renowned real estate investors in the Nordic region. RIM looks forward to the continued cooperation with Corum.”
The property is let on long leases to the sporting goods retailer XXL and the consumer electronics retailer Gigantti. RIM has strategically advised and sourced the investment on an off-market basis and the property was acquired from the Finnish construction and real estate development company SSR Group.
Arto Kukkonen, CEO of SSR Group: “We are proud that we have been able to attract high quality tenants such as Gigantti and XXL to our successful retail development scheme in Pori. We are a fairly young company, but with experienced staff and we are pleased that we have been able to attract international capital to our developments, well needed to support the strong topline growth of our company.”
Renger Investment Management (RIM) has over the past year together with Bouwfonds Investment Management developed plans to acquire carpark assets in the Nordic region. Bouwfonds has now closed its first transaction under this cooperation for Bouwfonds European Real Estate Parking Fund III (BEREPF III), being an open-ended special AIF. RIM has strategically advised and sourced the investment on an off-market basis into Kasarmitori carpark in central Helsinki from OP.
The carpark is an underground garage located under Kasarmitori (Sw. Kaserntorget) one block from Esplanadi in the central business areas of Helsinki. The asset holds ca 400 parking spaces and is let to Q-Park on a long-term lease.
” The acquisition of Kasarmitori carpark is our second investment into the Nordics and we are very pleased to have done it on an off-market basis from OP. We appreciate the knowledge, network and access to the market that we have gained through our cooperation with RIM. We intend to continue our growth in the region over the coming years.”, says Bart Pierik, Managing Director Parking, Bouwfonds Investment Management
RIM and Bouwfonds have signed an exclusive agreement for cooperation on the development of the Nordic strategy for Bouwfond´s further growth and acquisition of carparks. The parties are currently evaluating more business opportunities in all of the Nordic countries.
David Renger, CEO of RIM comments: ” The cooperation agreement and the transaction itself is in line with RIM´s strategy to engage together with financially strong and well renowned real estate investors to develop real estate strategies and acquire real estate in the Nordic region. RIM looks forward to the continued cooperation with Bouwfonds.”
Renger Investment Management (RIM) has together with Profi Fastigheter evaluated plans to acquire and develop the property Tumba 7:150 located in Tumba south of Stockholm, Sweden. Profi Fastigheter completes the transaction and RIM invests together with Profi.
The lettable area of the property is ca 80,000 sqm and includes all in all ca 23 hectares of land. The largest tenants are Alfa Laval, the municipality of Botkyrka and the Swedish National Heritage Board. The property is located next to Tumba town centre and Tumba commuter train station, which is a strategic hub for public transportation in the southern parts of Greater Stockholm.
Profi and RIM will jointly manage the strategic asset management and the development works on the property, on which the parties see large opportunities for further development together with the municipality of Botkyrka and existing tenants. Profi and RIM aim to initiate a larger urban development project which is in line with the ambitions of the municipality of Botkyrka and current master plan for the area.