Finland’s second largest pensions insurer Ilmarinen has expanded its real estate investments into the UK by acquiring nearly half of a new office property in Manchester.

Ilmarinen said it has acquired approximately 50% of the newly-completed, 19-storey office building, No1 Spinningfields.

It is understood that the institution has invested close to £100m (€114m) of its own equity for the acquisition.

Schroder Real Estate advised Ilmarinen on the purchase and will be responsible for the management of the 29,000sqm property, which is currently 95% let.

Ilmarinen did not disclose the identity of the co-owner of the property but said it was a global institutional investor with experience in the UK market.

Schroders was not readily available to provide information about the any other investors involved in the transaction.

Portfolio manager Mikko Antila said: “Manchester’s population is growing and its economic outlook is positive. The ongoing Brexit negotiations are not expected to have any significant impact on Manchester city centre’s office market.

“In addition, the long and diversified lease profile of the building accompanied with a historically low valuation of the pound provides solid defensive attributes to the investment.”

Ilmarinen is seeking to diversify its real estate portfolio internationally. Last month, it entered into a joint venture with New York Life Insurance Company to invest in US real estate.

Finnish real estate investments will continue to make up the core of its real estate portfolio going forward, Ilmarinen said.