PPI acquires two elementary school properties in Espoo in Finland

02 Jan 2025 14:21 CET

Public Property Invest ASA ("PPI") has signed an agreement to acquire two
adjacent elementary school properties for EUR 37.1 million. The properties are
located in the city of Espoo, a part of the Helsinki metropolitan area.

The properties total approximately 10,000 sqm and are fully let, of which 94%
to the Municipality of Espoo. Both properties are newly refurbished and are
certified BREEAM Very Good. Annual gross rental income is approximately EUR
2.93 million and the lease contracts have an average unexpired lease term of
14 years.

"PPI's strategy is to grow by being a leading consolidator of social
infrastructure properties in the Nordics. These school properties are very
attractively located in Espoo, which is the second largest and fastest growing
city in Finland. The properties are located in the university area Otaniemi,
adjacent to the Aalto University which is one of the leading universities in
Finland. This transaction marks a very attractive entry into the Finnish
market", says Ilija Batljan, CIO of PPI.

Mrec Investment Management Oy will be PPI's local operating partner in
Finland. The transaction is expected to close in January 2025.

For further information, contact: Ilija Batljan, CIO, ilija@publicproperty.no

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