Press release -
Storebrand Nordic Real Estate II completes major Helsinki Metropolitan acquisition of 999 apartments
Storebrand Real Estate has acquired a residential portfolio of 13 residential assets totaling 999 apartments in the Helsinki Metropolitan Area through its core plus fund, Storebrand Nordic Real Estate Fund II (SNRE II).
Storebrand Real Estate today announces SNRE II’s fourth acquisition: a well-balanced Finnish residential portfolio comprising 22 residential buildings across 13 freehold assets, totaling 999 apartments and more than 54,100 sqm of leasable area.
The portfolio was acquired from Ilmarinen, one of Finland’s largest private earnings-related pension insurance company. The transaction closed on the 30th of January 2026.
A high-quality portfolio in sought-after Helsinki Metropolitan locations
The portfolio provides exposure to Helsinki, Espoo and Vantaa all of which benefit from strong demographic fundamentals. More than 80 per cent of the portfolio’s NOI comes from assets located within walking distance of rail connections, supporting long-term tenant demand.
The sizable portfolio has a clear residential focus, with a very limited share of commercial space. With less than 1 per cent of commercial area, management is efficient and focused on residential operations.
With an average construction year of 2007, the assets benefit from a favorable age profile, including a substantial share of comparatively modern buildings. This reduces near-term capex needs while enabling targeted value-add initiatives over time.
– This acquisition gives SNRE II immediate scale in Finland’s most liquid and demographically supported residential market. The portfolio combines strong day-one operational performance with clear opportunities for value creation, says Henrik Bastman, Portfolio Manager for SNRE II and Branch Manager of Storebrand Real Estate Sweden.
Income growth and ESG upgrade potential
The portfolio benefits from strong recurring cash flow and low vacancy levels. Rental levels are competitive relative to new developments, supporting stable demand, high occupancy, and positive long-term rental growth.
In addition, the portfolio offers potential to increase net operating income through leasing optimization, selective refurbishments, operating cost efficiency and ESG initiatives. All assets have a clear ESG roadmap to improve EPC ratings towards A–C, strengthening long-term competitiveness and alignment with evolving sustainability requirements including the EU taxonomy.
– We are in a strong development phase where we are strategically building a leading Nordic position. Expanding in Finland with a portfolio of this quality underlines our ambition to scale our pan-Nordic offering, says Truls Nergaard, CEO of Storebrand Real Estate.
Strengthening SNRE II’s Nordic residential strategy
This acquisition further strengthens SNRE II’s Nordic residential platform. With the addition of 999 apartments in Finland, SNRE II has now expanded its portfolio to 1,683 apartments across Finland and Denmark through its first four acquisitions, including larger clusters in the capital regions.
The expanded platform provides increased scale and diversification, supporting long-term value creation through active asset management and sustainability initiatives across the Nordics.
Transaction, management and advisors
The portfolio will be managed by Newsec on behalf of SNRE II. Advisors to SNRE II in the process have been Avance, PwC and Naava Partners.
About SNRE II
SNRE II was established in October 2025 and invests in attractive, well-located core plus assets with long-term potential in sectors supported by structural tailwinds.
To date, investments have been concentrated in the residential segment, but the fund’s overall strategy is based on diversification. Going forward, the fund will therefore also invest in other sectors, with a particular focus on logistics and social infrastructure.
On 19 December, SNRE II held its second closing and increased its target size to a level closer to the funds hard cap of EUR 500 million, driven by strong interest from Nordic institutional investors.
SNRE II is based in Luxembourg and offers flexible legal ownership structures to suit different types of investors.
Storebrand Real Estate manages a property portfolio of approximately €9 billion, consisting of 250 assets and more than 2 million sqm of lettable area. The property team includes 80 professionals across the Nordic region.
Disclaimer: This is marketing material intended for professional investors only. Any investment involves risk. Further information, including the fund prospectus and relevant legal documentation, is available upon request. Sales & Distribution - Storebrand Asset Management
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Storebrand Asset Management is part of the Storebrand Group, managing over NOK 1500 billion of assets for Nordic and international clients.
