Investors House has sold its 2/3 stake in JV Apitare to Nordisk Renting Oy and the minority owner Ovaro also sells its 1/3 holding to the buyer. The debt-free price is EUR 60m for the 17,600m2 premises, which are currently leased to the Wellbeing Services County of Central Finland (Keski-Suomen hyvinvointialue) until 2041 through a triple-net agreement. We calculate that the selling price corresponds to net yield of ~6.2%. Investors House increased its ownership in Apitaire from 1/3 to 2/3 in Q1 2024. Investors House will book a gain of EUR 3.1m in Q2 2025 from the transaction. The annual net rental income from Apitare is around EUR 3.7m and comprises for ~60% of Investors House’s total annual net operating income, we estimate. The investment in the premises has been successful for Investors House, and the company has not disclosed what the proceeds from the sale will be used for. We note that the company will be significantly overcapitalised after the transaction but will likely carefully consider where new investments will be made.

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