FINLAND - Amplion Asset Management Oy has acquired a €100m real estate portfolio from Varma Mutual Pension Insurance Company on behalf of a number of Finnish institutional investors.
The Finnish real estate investment manager has raised €150m from domestic institutional investors for its new fund ARIF I Ky and has deployed two-thirds of the capital immediately.
The portfolio comprises 49 assets - predominantly retail properties - with a total leasable area of approximately 127,000 square metres.
Reima Södervall, deputy managing director at Amplion Asset Management Oy, said the portfolio acquired from Varma fulfilled both the diversification and the cash flow aims of the fund and provided the underlying investors with a stable cash flow from the outset.
"This transaction is very important for us especially under current market circumstances and it strengthens our investment management business model significantly," he said.
"Our target is to create a well diversified retail portfolio with a strong cash flow."
Local lenders Nordea and Sampo Bank provided debt financing for the transaction.
"We are also extremely satisfied, we have been able to negotiate an optimal bank financing for a transaction of such size", Södervall added.
Amplion Asset Management was established as a subsidiary of the Catella Group in 1997 and today manages more than €1bn in real estate assets from offices in Helsinki, Stockholm, St Petersburg and Paris.