JV Buys from Elo for EUR 160M
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.
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.