Etera Mutual has invested €23.2m in land with permission for residential development in Espoo.

Property investment firm Sponda said it sold the land, in the Vermo district, to Etera Mutual Personal Insurance and Suomen Asunnot ja Tontit I Ky, which invests in Finnish housing.

The latter’s associates include several Finnish institutions, among them the Orion, Valio, Verso and Veritas pension funds, as well as the Seafarers’ pension fund and the pension foundation of Finnish broadcaster YLE.

NCC Construction Housing owns the housing construction rights for the area.

Sponda, which said the land no longer fit into its strategy, will record a profit of around €11.2m from the sale.

The Finnish company is focusing on office and retail properties.