Mandatum Asset Management Ltd, through Mandatum AM Opportunistic Loan Strategy, has arranged a senior secured financing for the acquisition of land for and the construction of NREP’s Noli Studios in Otaniemi, Espoo. Sampo Group companies and Mandatum AM Opportunistic Loan Strategy are lenders in the financing transaction.
Launched in 2019, Noli Studios combine the comforts of the home and hotel-grade amenities within a community. The new Studio in Espoo will allow Noli to serve the entire Helsinki metropolitan area, and Noli Studios Otaniemi will be one of the largest in Finland, offering living solutions through more than 400 studios. Construction will commence in the summer of 2022 with a planned opening in early 2024.
The Studios in Espoo will affirm Noli’s goal of becoming a market leader in serviced living.
“More and more people want access to high-quality services and living solutions that transcend everyday life. Since the opening of our first location, Noli Studios have been in very high demand, and we are pleased to have the opportunity to expand our services into Espoo as well. The location in Otaniemi will especially cater to research and business professionals in need of flexibility, as well as international visitors. Noli’s expansion is a wonderful opportunity for us to meet growing demand and the high standards of our customers”, says Roni Huttunen, Noli Studios’ Country Manager in Finland.
The construction of the Noli Studios Otaniemi complies with NREP’s commitment to become carbon neutral by 2028 and the building will seek to achieve LEED Platinum certification. Geothermal heat will be used for heating, and both heat recovery and solar energy will be used to generate electricity.
“We consider sustainability as the key factor in improving and developing the service offering in Otaniemi. We are delighted to provide this highly tailormade financing solution for NREP for the construction of the Noli Studios Otaniemi”, states Alexander Gallotti, Head of Leveraged Finance at Mandatum Asset Management.
Hannes Snellman Attorneys Ltd acted as advisor to the Arranger and the Lenders. Castrén & Snellman Attorneys Ltd acted as advisor to the Borrower.
Alexander Gallotti, Head of Leveraged Finance, Mandatum Asset Management Ltd
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Niina Riihelä, Senior Vice President, Marketing & Communications, Mandatum
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Roni Huttunen, Country Manager, Noli Studios
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Jannica Aalto, NREP, Head of Communications, Finland (media contact)
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Mandatum Asset Management
Mandatum Asset Management (MAM) is the asset management arm of Sampo Group, a significant insurance group in the Nordics, and manages €29 billion in client and balance sheet assets. MAM offers discretionary and consultative asset management for institutional and other professional investors and manages a variety of investment products within its core areas of credit, alternatives and equity selection. As a part of Sampo Group, MAM leverages the investment heritage, expertise and broad resources of one of the most successful institutional investors in the Nordics. The firm was formed in 2021 by combining the investment organisations of Sampo plc and Mandatum Life Group. MAM and its sister company Mandatum Life belong to Mandatum Holding Ltd, a wholly owned subsidiary of Sampo plc.