A joint venture between Swedish national pension fund AP1 and Finnish pensions insurer Elo has been seeded with a €160m portfolio of retail assets.

Agore Kiinteistöt, created earlier this year by AP1, Elo and Trevian Asset Management, will own the 10 assets covering more than 100,000sqm of space.

Elo sold the portfolio to Agore, which was launched to invest €400m in real estate across Finland.

When announcing the joint venture in March, the companies said they would start with a portfolio of around this size.

AP1, Elo and Trevian said Agore will focus on commercial real estate, mainly city-centre retail and office properties in major cities with good growth prospects primarily outside Helsinki area.

The seed assets are located in eight Finnish cities, including Helsinki, Tampere and Oulu.

Johan Temse, investment manager at AP1, said: “We are very pleased to see Agore completing this first acquisition, which is in line with its strategy.”