Nordic regions’ leading corporate housing provider Forenom and SATO Group have concluded a share purchase agreement to transfer the SATO HotelHome Ltd. to Forenom as of 1 February 2018. The transaction provides Forenom with new locations in areas of high demand and strengthens the company's position as a leading corporate housing provider in the Nordic countries.
As part of the transaction, six employees and 195 furnished apartments will transfer from SATO Group to Forenom. According to Saku Sipola, President and CEO at SATO Group, Forenom is ideally suited to further develop the HotelHome business due to its market leadership in the hospitality industry.
“HotelHome has been an interesting business segment for us, but one that has unfortunately remained fairly small. Growing and developing the operation would have required large investments. We compared the available options and found that the best solution was to find the HotelHome business a new owner specializing in short-term accommodation operations. I believe that our cooperation with Forenom will continue to grow in the future”, says Saku Sipola, President and CEO at SATO.
The acquisition will strengthen Forenom’s portfolio of 5,000 furnished apartments, particularly in Helsinki and in areas where the demand for high-quality housing exceeds supply. The 195 apartments transferred to Forenom are mainly located in the Helsinki districts of Kamppi and Kruununhaka. Others are situated in the wider Uusimaa region, such as along the metro line in Tapiola, Espoo.
“The need for flexibly available and serviced housing continues to grow at a fast pace in all Nordic countries. We are excited to be able to provide our customers with new, excellently managed apartments in highly desirable locations, such as in downtown Helsinki and the growth centers in Espoo. Furthermore, our team at Forenom is reinforced by new real estate professionals”, says Johannes Kangas, CEO at Forenom.