Finnish pension fund Ilmarinen has taken a direct stake in an Oslo business park which was acquired in October by a listed company majority-owned by the fund.

Finnish pension fund Ilmarinen has taken a direct stake in an Oslo business park which was acquired in October by a listed company majority-owned by the fund.

Helsinki-listed property group Technopolis confirmed on 19 December that Ilmarinen is acquiring a 19% interest in the Oslo Campus.

The financial details were not disclosed but Technopolis signed an agreement to acquire a 70% share in the campus from IT Fornebu Properties AS (ITFP) in October, for an enterprise value of NOK 1.8 bn (€220 mln). The deal marked Technopolis' entry into the Norwegian market.

The campus was then owned by a joint venture of Technopolis and ITFP, financed with 35% of equity and 65% in debt. SEB, Nordea and Swedbank said they would provide a €143 mln syndicated loan for the acquisition. A month later Technopolis revealed it was in talks to sell 19% of its 70% stake to Ilmarinen.

Subsequently, Technopolis sold the stake to Ilmarinen with the same valuation used when Technopolis acquired the campus. Ilmarinen has the right, as part of the agreement, to sell its stake to Technopolis at the fair value from the fifth to the seventh anniversary of the deal.