Pohjola Pankki Oyj: OP-Rental Yield's major housing deal OP-Rental Yield, an OP-Pohjola non-UCITS fund, has purchased a property portfolio of over 800 housing units from Probus Holding, an investment company. The largest owners of Probus Holding are Elo Mutual Pension Insurance Company, Fennia Life Insurance Company, OP Life Assurance Company, OP Pension Foundation, OP Pension Fund and the City of Kerava. The deal was closed on 19 June 2014 and title to the portfolio will transfer on 1 September 2014. The portfolio contains over 20 residential buildings with four business premises in addition to housing units. A well over half of the buildings are located in the Helsinki Metropolitan Area with an average age of around ten years and in good condition. - The around one-year old OP-Rental Yield has found favour with investors. Its investment portfolio already totals roughly 200 million euros, and the fund will also enhance capital through debt financing in connection with the deal. The fund is already a major property investor in Finland. Unitholders will benefit from the fund's growth because that enables proper diversification and the economies of scale important in this type of investment, says Samuli Sipilä, Managing Director of OP Fund Management Company. - In addition to acquiring real properties from the market, the fund also has them built. In early 2014, the fund agreed, for example, to build 59 housing units in Lappeenranta, says Portfolio Manager Antero Tenhunen. OP-Rental Yield is a non-UCITS fund which mainly invests its assets in homes, commercial premises and residential construction contracting in Finland. As an income fund, it distributes a minimum of 75% of its annual realised revenue in dividends to its unitholders. Investors may subscribe for units four times a year. The minimum subscription amounts to 30,000 euros. Pohjola Property Management Ltd is in charge of the fund's investment operations. For more information, please contact: Samuli Sipilä, Managing Director, OP Fund Management Company, tel. 040 771 1764 Antero Tenhunen, Portfolio Manager, Pohjola Property Management Ltd, tel. 0500 848 486 Markku Mäkiaho, Managing Director, Pohjola Property Management Ltd, tel. 050 529 2055 ------------------------------------------------------------------------------ This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Pohjola Pankki Oyj via Globenewswire HUG#1796432
Pohjola Pankki Oyj: OP-Rental Yield's major housing deal
Press spacebar to pause and continue. Press esc to stop.