Bird & Bird acted as a legal counsel for Finnish residential property investor Asuntosalkku Plc in connection with its group restructuring and listing on First North Finland. Trading on First North Finland began today June 22, 2022. The listing was preceded by a group restructuring process where the Finnish investment properties of an alternative investment fund Asuntoturva Ltd were transferred to a newly established subsidiary Suomen Asuntovarainhoito Ltd followed by a combination of Asuntoturva Ltd and Asuntosalkku Plc through an absorption merger, creating the entity that was listed.
"We are very happy having advised Asuntosalkku in connection with its restructuring and listing process. This project was conducted in a very challenging market environment and included legal elements that to my knowledge have never been encountered in the Finnish market before. Combination of two alternative investment funds to create the listing entity was challenging both from project management and regulatory perspective, and thinking outside the box was definitely required to achieve the outcome. I would like to thank all the parties involved in the process and especially the management team and Board of Directors of Asuntosalkku for seamless cooperation as well as the equity capital markets team of OP Corporate Bank plc, acting as the Financial Adviser and Certified Adviser to the issuer”, says Partner Mika Puurunen, who led the Bird & Bird's team.
“We would like to thank Bird & Bird for its broad and visionary cooperation in the listing process. The multidimensional project conducted in challenging market environment required progressive and holistic legal advisory in order to achieve the required outcome – creating completely new residential property investment company for the public in First North Finland. Cooperation ran smoothly in a positive and inspiring environment throughout the whole project. We like to thank the whole working group for the excellent effort, i.e. Bird & Bird, OP Corporate Bank, Nexia, IR Partners and KPMG”, says Jaakko Sinnemaa, CEO of Asuntosalkku.
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