Finnish listed real estate firm Sponda and local pension-insurer Varma have launched a logistics joint venture with €920 mln of assets.
Finnish listed real estate firm Sponda and local pension-insurer Varma have launched a logistics joint venture with €920 mln of assets.
The new vehicle, called Certeum, has bought 34 assets from the two firms. The sale is debt free, and based on values calculated in the first quarter of 2014.
Sponda will be a minority shareholder, holding no more than a 38% stake, and is committed to holding its shares until at least spring 2015.
'Establishing new property investment company Certeum in Finland is certain to increase interest in our property sector as a whole,' said Sponda president and CEO Kari Inkinen. 'Our goal is to have the new company operating at full speed by late-2014.'
The assets vary in size, but many are within the greater Helsinki region, including one of the largest, the 56,000 m2 office and logistics centre, Vantaan Honkatalo Koy, in Vantaa.