The deal for UPM-Asunnot Oy, which will see UPM bank €35m, should be completed by the end of the second quarter of 2007 and will see Waterhouse take control of 2,000 rented apartments.
The properties were originally built to house employees of UPM, one of the world’s largest forest products groups, but nowadays many of those living in the apartments do not work for the firm.
As such, UPM has opted to cash in on the apartments and sell them to Waterhouse.
