Aberdeen Property Investors ('API') Nordic Region has agreed with FinlandÂ's largest institutional property investor, Ilmarinen Mutual Pension Insurance Company ('Ilmarinen'), to acquire its property management company, Antilooppi Oy.
Antilooppi Oy manages IlmarinenÂ's property portfolio, which comprises approximately 1.4m sq metres of commercial properties, located throughout Finland, with a valuation of circa 2.3 billion Euros. Aberdeen Property Investors Nordic Region will employ all 70 existing staff at Antilooppi Oy, as part of the transaction.
The objective from IlmarinenÂ's perspective is to outsource the property management of the Ilmarinen portfolio and deliver additional value, by leveraging on APIÂ's professional and disciplined approach to all aspects of property investment.
Mr. Rickard Backlund, APIÂ's Chief Executive in the Nordic Region stresses the importance of this transaction:
'API recognised the increasing importance of the Finnish property investment market a couple of years ago when we opened an office in Helsinki in order to service both Finnish as well as other Regional clients. This transaction will reinforce APIÂ's dominant position in the Nordic region'.
Mr. Timo Kankuri, Ilmarinen Mutual Pension Fund Insurance Company first Vice President commented on the transaction:
'This transaction achieves the targets Ilmarinen has set itself in terms of its investment policy i.e. to outsource the property management to an international property investment management organisation with an established and successful track record, and to allow Ilmarinen to focus purely on property investment strategy alongside other asset classes'.
Iain Reid, API InternationalÂ's Chief Executive commented on the transaction:
'This transaction furthers APIÂ's international business strategy by creating a substantial presence in an established market which is attracting increasing international attention. We are delighted that API has been able to forge a long term relationship with such an important Finnish investor and look forward to the challenge it represents.'
(source: Aberdeen Property Investors)