FINLAND – Pensions insurance company Varma – the largest property investor in Finland – has reorganised its direct real estate activities to bring all commercial properties under the management of one team.
Up to now, Varma had two regional teams managing direct property investments in Finland, one of which also managed residential properties held directly.
Ilkka Tomperi, head of real estate at the €36.9bn pensions company, described the reorganisation as a minor restructuring, and said it was aimed at making the organisation leaner.
“It was working well with two teams, but we thought one team would be more practical,” he told IPE sister publication IP Real Estate.
The commercial property team will be led by Toni Pekonen – one of the two regional managers responsible for commercial properties.
Aarne Markkula, the other regional manager, will now be responsible for Varma’s real estate development activities, as well as its residential properties, Tomperi said.
He said residential property would continue to play a key role in the company’s portfolio, and that it would build new housing in Finland over the next few years.
Varma had €3.8bn invested in direct property in Finland at the end of September 2013, making it the country’s largest property investor, Tomperi said.
In addition to its direct holdings, Varma also had €500m held indirectly in property funds, he said.