Finland's IceCapital launches third housing fund at e400m, institutions invest

The Finland-based funds and private equity house IceCapital has established its third housing fund, IceCapital Housing Fund II, to invest total capital of some e400m in rental apartments in Finland, mainly to be built with a state interest subsidy.

The fund will target new, privately financed or renovated rental apartment buildings in the Helsinki metropolitan area and in the districts of Tampere, Oulu, Jyväskylä, Turku, Kuopio, Hämeenlinna, Joensuu, Lahti, Lappeenranta, Vaasa and Riihimäki. The start-up portfolio consists of 20 housing companies, totally 1,056 apartments, with a value of e185m. The biggest fund investors are pension and insurance groups - VR Pension Fund, The State Pension Fund, Etera Mutual Pension Insurance Company, Local Insurance Mutual Company, Finnish Cultural Foundation and Cooperative Association Tradeka.

IceCapital is an independent Nordic Group focusing in investment banking, asset management, private equity and brokerage services. It has some e2.8bn in assets under management. The parent company, IceCapital Securities, was established in 1999. pfe (Full story in upcoming PFE/PIE editions)