Kojamo to Buy Varma Housing Portfolio for ~€900M

Kojamo plc, through its wholly owned subsidiary Lumo Kodit Oy, has agreed to acquire a Finnish housing portfolio owned by Varma Mutual Pension Insurance Company. The portfolio includes 60 residential properties with 4,761 apartments, located mainly in the capital region, with 98% in the Helsinki, Tampere, and Turku metropolitan areas.

The transaction is debt-free and priced at approximately EUR 900 million. Kojamo will pay part in cash and part through new shares issued at closing. Kojamo estimates stabilised annual rental income of EUR 63.0 million, targeting occupancy improvement from 83% to Kojamo’s current occupancy level, and expects the deal to increase FFO per share.