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
Antero Tenhunen, Portfolio Manager, Pohjola Property Management Ltd, tel. 0500
Markku Mäkiaho, Managing Director, Pohjola Property Management Ltd, tel. 050
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Source: Pohjola Pankki Oyj via Globenewswire
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