eQ has launched its first residential property fund – Special Investment Fund eQ Residential. The fund has raised 33 million euros of commitments enabling over 100 million euros of investment capacity. Investment activities have started and fund raising will continue in the autumn. The target commitment size for the fund is 100 million euro, which enables a total of over 300 million euros in investments.
eQ Residential will invest in residential real estate in the Helsinki Metropolitan Area, in Tampere and in Turku. The fund targets complete residential buildings and aims to manage approximately 1,500 rental units in total. Unlike eQ Care and eQ Finnish Real Estate, eQ Residential is restricted to professional investors only in a closed end fund structure.
”Residential property is an essential and a significant part of the real estate markets and for several reasons rental housing is a growing market in Finland. We are already a major force in the Finnish real estate. With our care and commercial property funds, we are currently the tenth largest investor in the Finnish real estate markets. In residential we will focus more on building and developing than in our two other funds, which combined with higher leverage works best in a closed end fund structure. Markus Pitkänen, a proven residential markets veteran, is in charge of the fund backed by our entire real estate investment and administration team of almost 20 real estate professionals. We have excellent resources to manage a diverse residential portfolio”, comments Tero Estovirta, Head of Real Estate Investments at eQ.
”The fund has already agreed to acquire investment targets for over 30 million euros in Helsinki, Vantaa and Tampere. Furthermore, we hold advanced negotiations for other interesting targets covering our entire current investment capacity”, concludes Estovirta.
Helsinki 24 June 2020
eQ Asset Management Ltd.
Further information:
Tero Estovirta, Head of Real Estate Investments, eQ Asset Management Ltd, +358 (9) 6817 8759, tero.estovirta(at)eQ.fi
