Forenom acquires HotelHome serviced apartment business

George Sell George Sell Uploaded 19 January 2018

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Finland: Corporate housing provider Forenom has acquired the HotelHome business from rental housing provider SATO Group.

As of 1 February 2018 six employees and 195 furnished apartments will transfer from SATO Group to Forenom. 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.

Saku Sipola, president and CEO at SATO Group, said: "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 specialising in short-term accommodation operations. I believe that our co-operation with Forenom will continue to grow in the future."

Johannes Kangas, CEO at Forenom, said: "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 centres in Espoo. Furthermore, our team at Forenom is reinforced by new real estate professionals." says

Forenom is a sponsor of the 2018 Serviced Apartment Summit EU, which takes place in London on July 10 and 11.

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