Cobalt has advised Asuntosalkku on its listing to the Nasdaq First North Growth Market in Finland. Bird & Bird reportedly also advised Asuntosalkku.
Asuntosalkku is a Finnish residential real estate investment company active in Estonia, with an investment strategy focusing on individual apartments in owner-occupied dwellings in Finland and Tallinn.
“Listing on the First North Growth Market is a significant step for our company because it will allow us to enter the capital markets and gradually expand our ownership base, while also increasing the liquidity of the company’s shares,” Asuntosalkku CEO Jaakko Sinnemaa commented. “It will also strengthen our ability to implement our growth strategy by expanding the spectrum of potential financing instruments. At the same time, we are able to offer investors a new alternative, namely an opportunity to invest in a residential real estate investment company with a concept differing from those of our main competitors. We have grown our portfolio strongly in Tallinn in recent years. We aim to keep the focus of our growth mainly in the Tallinn rental market, as we see that Tallinn’s still relatively undeveloped rental market offers us interesting growth opportunities also in the future.”
The Cobalt team included Partner Marina Kotkas, Managing Associate Jesse Kivisaari, and Associate Christine Magi.