Ilmarinen has invested in an office property in Frankfurt in a 50/50 joint venture with Amundi.

The Finnish investor is co-investing with an open-ended real estate fund managed by Amundi Real Estate.

The office property, at Theodor Heuss Allee 50, is fully let to Commerzbank.

Portfolio manager Mikko Antila said: “Commerzbank is the second-largest bank in Germany. A long-term rental agreement with a player of this standing guarantees stable and predictable rental income far into the future. In addition, the building is modern and in excellent technical condition.” 

The deal is Ilmarinen’s second in Germany, having bought Königstadt Carree, an office and hotel property in Berlin late last year.

Ilmarinen has moved to diversify its real estate portfolio beyond Finland’s borders.

“Frankfurt is the largest financial centre in Continental Europe, with both the European Central Bank and the Deutsche Bundesbank headquartered there,” Antila said.

“The city provides Ilmarinen with excellent support in internationalising its real estate investments.