IQ-EQ supports Premico in establishing Finland’s first carbon neutral residential fund

IQ-EQ has been appointed to administer the latest fund of Finnish real estate investment and development firm, Premico. This new fund, Premico Carbon Neutral Residential Fund I (PCNRF), is the first residential fund in the Nordic region focused on constructing sustainable residential buildings with low carbon footprints.

The fund will invest in A-rated energy class buildings across the Helsinki region that aim for carbon neutrality during the occupancy period as well as a BREEAM Excellent rating. In line with Premico’s two existing housing funds, the PCNRF will only invest in new build-to-rent residential assets.

With many potential investment targets already identified, Premico is targeting a first close within Q1 2021. The equity target for the PCNRF is €200 million with a hard cap of €400 million.

Premico is being advised by DLA Piper, while IQ-EQ has been appointed to provide a full suite of fund administration, depositary and third party AIFM services to the fund. Leading the relationship from IQ-EQ is Luxembourg-based client director Riccardo Zorzetto, who said:

“Premico is one of the most experienced residential real estate specialists and fund managers in Finland. We are delighted to have been selected by the team to service its environmentally conscious new investment vehicle. By promoting carbon neutral residential development, Premico is set to have a significant positive impact on sustainability and ESG integration in Finland and beyond. We very much look forward to contributing to the successful deployment of Premico’s investment strategy.”

Samuel Tuomola, Premico’s Group Chief Investment Officer, commented:

“Premico Carbon Neutral Residential Fund I is the first fund that Premico will be launching in Luxembourg. We wanted to find a local partner with wide range of services and an impeccable reputation. We have found all of this in IQ-EQ and are excited to launch this fund, which will progress the sustainability agenda and show the future of real estate.”