Asunto and Hoiva have made new financing agreements.
What a coincidence, they hit the interest rate bottoms! Again!
Hoiva’s previous interest rate agreement was 2.5% + margin. As I understand it.
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It’s good that the financing can be renewed. According to the press release, however, the housing fund’s financing package was taken from Oma Säästöpankki (the care fund’s financing would have been too big a bite for OmaSP to chew). Previously, OmaSP has had a reputation for usually being the most expensive option in terms of margin. The situation may have changed, and I don’t know if both private and corporate customers have an expensive list price. It’s a matter of negotiation, of course. However, for private customers, the margin from Nordea could have been 0.8% and through Oma Säästöpankki 1.5%. Oma Säästöpankki has also financed such projects in smaller localities where other banks do not grant loans. Their customers also include price-insensitive consumer customers. The point of my comment: I don’t believe the loan margin was very favorable. The margin, interest rate hedges, and their prices were not disclosed.
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Agreed. The new financing is very likely more expensive than the old. From what source was the previous financing?
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Titanium pays off the outstanding redemptions for Asunto: Ilmoitus Erikoissijoitusrahasto Titanium Asunnon osuudenomistajille 30.3.2026 - Titanium OyjTitanium Oyj
I assume that properties have been sold and a new financing package makes this possible. It’s great that they can meet their obligations! I would also like to remind you that Asunto’s significance to Titanium’s figures is marginal, as its size is small and Hoiva accounts for over a third of the entire Asunto fund.
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By the way, Titanium will be releasing Q1 reports for key funds next week or the week after. In the healthcare sector, the point of interest is, of course, whether individual properties have been sold (these might not be announced separately). In addition, other information is naturally of interest, although there should be no surprises in those, by all accounts.
Regarding housing, it’s interesting to see how many redemptions were in arrears. This will again provide a good indication of how much potential redemption pressure there might be in the healthcare fund.
For PE, it’s naturally interesting to see how much of this has been sold. The H2 momentum would be important to continue, and AUM should be at least 30 MEUR. It’s also interesting to see if Titanium has made changes to the portfolio composition. Earlier, Titanium has spoken like this:
Source: PE December monthly review.
Currently, enterprise software has been hit the hardest in the stock market during the SaaS-geddon, and this matter has surely been considered in portfolio management. 
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Enterprise software stocks have indeed fallen by tens of percent during the year. Certain companies have fallen much more sharply. Valuation levels have come down significantly. It will be interesting to see if the valuation level within the PE fund has remained (at least seemingly) at the previous high level or even increased further. I don’t know what companies are within the Vista fund; divestments have probably not been made at these prices. So the valuation is not based on transaction prices but on future estimates.
The video interview about real estate funds linked in the eQ thread, and the comment in the video, was indeed interesting, stating that in the Helsinki metropolitan area, public service properties can somehow be sold at reasonable prices, but not so much in the provinces. Has Titanium now been able to sell care properties outside the Helsinki metropolitan area, and at what price? The Q1 report might provide more information. Do eQ and Titanium see the market situation in the same way, or are there differences?
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Updated fund values are now available online. The Q-reviews have not yet been published, but I assume they will appear in the service in the coming days. No drama in the values, PE slightly down and Hoiva and Baltia slightly up.
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I was starting to get worried since no reports have been released, so I asked the company if they were on their way and to make sure they haven’t switched back to the model where reports are only provided to clients. 
The company confirmed that the reports are indeed coming, but since they are currently transitioning from monthly reviews to quarterly reviews, the process has simply taken longer than usual. Hopefully, we’ll have something to read in the next few days! 
Expectations for the reports in my previous comment: Titanium - Kasvun toista tukijalkaa etsimässä - #2435 käyttäjältä Sauli_Vilen
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The reports came out in the evening after all, and here is my comment: Titaniumin rahastojen kvartaaliraportit hyvin linjassa odotuksiimme - Inderes
All in all, everything is very well in line and there were no major surprises. The importance of the asset management service is highlighted, as the slump in real estate funds threatens to be even deeper than my previous expectations (sentiment has continued to weaken and rising interest rates are poison for the entire sector).
@gearloose1 for your information, the Hoiva review explicitly states that the EUR 240 million loan position is 100% interest rate hedged 
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Baltia continues its exemplary performance and is selling a property even before the next redemption payments (at the turn of June/July)! 
In practice, this means that more redemptions have come in for Baltia for H2’25. The exciting part is seeing the volume of redemptions, as it will also provide an indication of the scale for the Care fund (Hoiva). Regarding Care, I am still wondering why more properties haven’t been sold. Next week, we’ll likely read again that Care will also have to postpone the payment of H2’25 redemptions. 
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Titanium released updates regarding redemptions from its real estate funds.
- Titanium Asunto (Residential) paid out the outstanding redemptions in March. No announcement was made regarding the deferral of redemptions for this fund in the H1’26 window, so the redemption pressure here has been cleared. However, the importance of the residential fund to the company is minor.
- Regarding the Baltic fund, the company paid out the H2’25 window redemptions in the spring of 2026 (orders placed before June 2025), which cleared the redemption queue at that time. According to the recent announcement, however, only half of the redemptions from the latest redemption window (H1’26) will be paid, and the remainder will be deferred to the future. This means they are unable to pay the redemptions now using the proceeds from the property sale Sauli mentioned, which increases the risk that a significant volume of redemption requests has been submitted.
- The situation with the Care fund (Hoivarahasto), however, is the most complicated. The Care fund only paid half of the redemptions submitted in H1’24 in December 2025, and the remainder in Q1. In total, the redemptions submitted during the H1’24 window amounted to approximately 36 million euros. Since then, redemption orders remain unfulfilled, meaning there is still a backlog from H1’25, H2’25, and H1’26, the deferral of which was just announced most recently. We do not yet have information on the total size of these outstanding redemptions, but they are likely significant in any case.
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How large is the Hoivarahasto (Care Fund) redemption queue actually? If it is, for example, only a few tens of millions of euros, the situation is more manageable. If we are already talking about a redemption queue of over 100 million euros, the pressure on the fund, and consequently on Titanium’s business, will clearly increase.
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