Finland’s pensions insurer Ilmarinen and New York Life Insurance Company have strengthened their US commercial property with an eighth investment.
IPE Real Assets understands that the purchase price for the 19-storey office building in Atlanta, Georgia, is in the “mid hundred euros range”.
Ilmarinen said the 40,000sqm asset is around 90% let.
Mikko Antila, Ilmarinen’s head of international real estate, said: “In the past few years, the Atlanta area has seen the creation of many new jobs, while the construction of new office buildings has been moderate, which has improved the occupancy rates of office premises.”
Antila said the asset is located in one of Atlanta’s “most affluent districts”, and the high number of new homes and amenities that are nearing completion make it all the more attractive.
“The investment nicely complements our strategic partnership in the US real estate market.”
Ilmarinen joined forces with the mutual life insurer in 2017 to invest in US commercial real estate. The partnership bought six office properties worth $620m (€541.2m) and plans to double the volume of investments in the coming years, IImarinen said at the time.
The previously acquired properties are located in Boston, Washington DC, Charlotte, San Francisco, Los Angeles and Orange County. The seventh asset is located in Phoenix, Arizona.
The joint venture is 49% owned by Ilmarinen with the majority stake going to New York Life. New York Life Real Estate Investors — a division of NYL Investors — will manage the assets.