FINLAND - The €4.9bn Etera Mutual Pension Insurance Company has sold business park Swing Life Science Center in Keilaniemi, Finland to fund manager CommerzReal for approximately €120m.

The disposal sees Etera's total real estate exposure fall to €770m, roughly 15% of its total investment portfolio.

"Etera is very pleased with the outcome of the transaction," said head of real estate Timo Sotavalta.

"Through the transaction we lower our exposure to office properties and release funds for new real estate investments and investments in other asset classes."

CommerzReal purchased Swing Life Science Center for its Hausinvest open-ended fund, representing the asset manager's first real estate investment in Finland.

The business park consists of five buildings office buildings built between 2003 and 2008, and has a total leasable area of approximately 32,000 square metres.