eQ PLC INVESTOR NEWS
30 August 2013 at 9:00 a.m.
eQ INCREASES ITS HOLDING IN FINNREIT FUND MANAGEMENT COMPANY LTD FROM 50 TO 100 PER CENT
eQ invests more in real estate investment business
eQ Asset Management Ltd, which is part of eQ Group, and Finnreit Fund Management Company Ltd launched together a non-ucits fund specialising in child, elderly and other care properties in 2012. The fund is managed by Finnreit Fund Management Company Ltd. Up to now, eQ Asset Management Ltd has held 50 per cent and the company personnel 50 per cent of the company shares. eQ Asset Management Ltd and the owners of Finnreit Fund Management Company Ltd have agreed that eQ Asset Management Ltd will acquire the entire share capital of Finnreit Fund Management Company Ltd through a deal that will be carried out on 30 September 2013. The companies have further agreed that Kari Kolu and Amos Janhunen, the sellers of Finnreit Fund Management Company Ltd’s shares and the company’s key professionals, will be working for eQ Asset Management Ltd. Both are very committed in to remain at eQ also in the long term. The deal is conditional to an approval by the Finnish Financial Supervisory Authority.
The eQ Care fund is the first non-ucits fund established in Finland which owns properties directly. The fund is a domestic fund as defined in the Finnish Act on Common Funds and is supervised by the Finnish Financial Supervisory Authority. Care property business is in vast change in Finland which creates interesting investment opportunities for investors. At the end of June, the fund capital totalled EUR 31.2 million and the fund’s investment capacity exceeded EUR 60 million. The yield of the fund during the first six months of 2013 exceeded 6 per cent. The fund pays the investors at least three fourths of the annual return as yield share. The fund is open for subscriptions four times a year, and it is well suited for individual investors, non-profit foundations and other institutional investors.
Kari Kolu, Chairman of the Board, Finnreit Fund Management Company Ltd:
”Investors reactions to the eQ Care fund have been even better than we expected, and its investment operations have begun in an excellent manner. We feel that investing in care properties is at the moment the most interesting alternative within real estate investments, and we are pleased to be able to develop our business in the long term as part of eQ Asset Management.”
Mikko Koskimies, CEO of eQ Asset Management Ltd:
”We are extremely happy that these experienced real estate investment professionals will join eQ Asset Management. This will enable a strong engagement in real estate investments in future, as part of our asset management business.”
Helsinki
eQ Plc
Janne Larma
CEO
Additional information:
Mikko Koskimies, CEO of eQ Asset Management Ltd., tel. +358 50 568 8359
Kari Kolu, Chairman of the Board of Finnreit Fund Management Company Ltd, tel. +358 40 544 8008
Distribution: NASDAQ OMX Helsinki, www.eQ.fi
eQ Group is a Finnish listed company specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds) for institutions and individuals. The assets managed by the Group total approximately EUR 6.3 billion. Advium Corporate Finance Ltd, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.
More information about the Group is available on our website at www.eQ.fi.