JV Buys from Elo for EUR 160M

Finland Finland Agore Kiinteistöt Ky, a joint venture established by Elo Mutual Pension Insurance, Första AP-fonden and Trevian Assey Management Oy, has made its first aquisition.

2017-06-13

Share via e-mail

The company has bought a portfolio including ten retail assets worth approximately EUR 160M from Elo. The properties are located in eight major Finnish cities, including Helsinki, Tampere and Oulu. The leasable area of the portfolio exceeds 100 000 sqm.
 
Agore Kiinteistöt will invest in the Finnish real estate market and its focus is on commercial real estate, mainly city centre retail and office properties in major cities with good growth prospects primarily outside Helsinki area.
 
“The name Agore is derived from Agora, a Greek word for market square, and Real Estate. It describes also company’s investment strategy to focus on centrally located commercial real estates in growing cities,” says Antti Muilu, Head of Domestic Real Estate at Elo Mutual Pension Insurance.
 
The aim is to actively seek further investment opportunities to significantly expand the portfolio size in accordance with the investment strategy. The company will have significant resources for further investments and its current commitments enable the total portfolio size to exceed EUR 400M.
 
“We are very pleased to see Agore completing this first acquisition, which is in line with its strategy,” says Johan Temse, Investment Manager at AP1.
 
Trevian will be responsible for the asset management and the deal sourcing of the company.
 
“We are happy to announce the company to acquire its first properties and are pleased to start working with these assets. Agore will be an active operator in its market sector,” says Reima Södervall, CEO of Trevian Asset Management Oy.
 
Custor Capital AB acted as the advisor to Trevian.




Maria Olsson Äärlaht
maria@lokalnytt.se
fastighetssverige.se




Scandic Acquires Portfolio – Becomes Finland's Largest Hotel Operator

Finland Finland Scandic Hotels Group has signed an agreement to acquire Restel’s hotel operations in Finland for EUR 114.5M. Through the acquisition, Scandic will strengthen its position as the leading hotel company in the Nordic countries and become the largest hotel operator in Finland.


Lemminkäinen to Renovate Prestigious Property in Helsinki

Finland Finland Lemminkäinen and Ilmarinen Mutual Pension Insurance Company have signed an agreement on the renovation of a high profile property at Mikonkatu 9 in central Helsinki, Finland.

Bouwfonds IM Acquires Car Park in Helsinki

Finland Finland Bouwfonds Investment Management has acquired a car park in Finland for its third institutional parking fund (open ended special AIF)‚ the Bouwfonds European Real Estate Parking Fund III (BEREPF III). The property is located underneath the Kasarmitori town square in the central districts of Helsinki. The investment volume amounts to around EUR 28 million. The seller is the Finnish financial investor OP.

Blackstone and Areim Makes Billion Euro Bid

Finland Finland Blackstone Group and Areim has made a EUR 1.76bn bid for the Finnish company Sponda.

Bonnier and Varma Sign Lease in Helsinki

Finland Finland Varma and Bonnier Books Finland have signed a long-term lease agreement on the premises located at Lönnrotinkatu 18 in Helsinki. Bonnier will move into the newly renovated loft-inspired premises in September 2017.


Skanska Builds Apartments in Helsinki

Finland Finland Skanska has signed an agreement with the Helsinki Housing Production Department ATT to build 189 apartments in Helsinki, Finland. The contract is worth EUR 38M, about SEK 360M, which will be included in the Nordic order bookings for the second quarter of 2017. 

Sagax Acquires Portfolio in Finland

Finland Finland Sagax has acquired a property portfolio of 50,000 sqm lettable area and 627,000 land from Varma. The transaction price is MSEK 219 (EUR 22.5M).

YIT Closes Agreement in Helsinki

Finland Finland The closing of the agreement to implement the hotel for YIT’s Tripla project in Central Pasila, Helsinki, Finland has been secured after the conditions for the agreement were met.

Antilooppi Acquires Office Property in Helsinki

Finland Finland Antilooppi acquires Itämerenkatu 3 office property in Ruoholahti from YLE Pension Fund for EUR 28.7M in an off-market transaction.

Nordika Acquires Office Portfolio in Helsinki

Finland Finland Nordika has acquired three office properties in Helsinki from Varma and Tristan Capital. The properties were part of a larger portfolio that Tristan Capital acquired from Varma at the end of December 2016. German bank Helaba financed the acquisition.