IQ-EQ supports successful launch of Premico’s third carbon neutral residential fund

With IQ-EQ’s support, real estate fund manager Premico has held the first closing of its newest residential fund, Premico Residential Fund III, successfully raising €45 million in equity commitments.

The fund, which has committed to zero operational CO2 emissions, is targeting €250 million to invest in the construction of approximately 1700 units of new rental apartments in Finland by 2025. All of the fund’s assets will have an Energy Efficiency class A rating, a BREEAM or LEED Certification and will be fully compliant with the EU Taxonomy criteria for new construction.

In connection with its first closing, the fund has also signed its first acquisition and aims for several further acquisitions before the end of the year.

IQ-EQ Luxembourg has been instrumental in facilitating the successful launch of Premico Residential Fund III, providing a full suite of fund administration, depositary and AIFM services, as well corporate services and directorship for the GP and MasterCo.

We have also worked closely with DLA Piper Luxembourg, which assisted Premico in the structuring and formation of the fund with a team led by Partner Catherine Pogorzelski supported by Senior Associate Marceau Visano and Associate Alvaro Alsina for the fund aspects, and by Counsel Julie Hecklen and Senior Associate Emre Akan for the tax aspects.

Leading the client relationship from IQ-EQ is Riccardo Zorzetto, Client Relationship Director and Head of Private Equity for IQ-EQ Luxembourg. He commented:

“It has been a pleasure to support the launch of Premico’s third residential fund, which further cements the firm’s position as a pioneer in the Finnish real estate market and advances their goal to decarbonise the country’s residential sector while constructing comfortable and affordable multi-family properties. We’ve been working with Premico since late 2020 and look forward to continuing to grow our relationship as the firm’s fundraising continues.”