Ilmarinen has taken a 50% stake in a Dutch office complex.

The pension fund is investing in the Piet Hein Buildings in central Amsterdam as part of its international diversification.

The Finnish investor is co-investing with a French institution with which it has previously invested.

German investment manager Hannover Leasing has joined Ilmarinen in the deal.

Mikko Antila, Ilmarinen’s portfolio manager in charge of international real estate investments, said: “The Dutch real estate market has recovered from the distress it found itself in after the financial crisis, and Amsterdam currently offers attractive return levels compared with many other European capital cities.

“The Netherlands is well-suited to Ilmarinen as an investment location due to its international, liquid and transparent nature.” 

The 32,000sqm complex, in Amsterdam’s old port area, was completed in 2013.

Tenants include and TEVA Pharmaceuticals.

“The property is in mint condition, and it has been built with quality and sustainability in mind,” Antila said.

“The premises are easily adaptable, and the property features modern, environmentally friendly solutions, such as geothermal energy, used for both heating and cooling.”

The deal follows investments in neighbouring Germany, where it invested in Königstadt Carree in Berlin last year and the Theodor Heuss Allee 50 office property in Frankfurt in February.

In March, the fund took a 50% stake in a Berlin office asset, co-investing with Immobilien Europa Direkt, an open-ended real estate fund managed by Schroders and backed by Swiss institutions.