AP1, Elo and Trevian form €400m regional Finnish venture
Two Scandinavian pension funds — Finland’s Elo Mutual Pension Insurance and Sweden’s Första AP-fonden (AP1) — have formed a joint venture with Helsinki-based Trevian Asset Management Oy to invest in the Finnish real estate market.
“Finland is an interesting market for real estate investments with a positive urban development for larger cities outside the Helsinki area,” said Johan Temse, investment manager at AP1, in a statement.
The joint venture will focus on commercial real estate, mainly city center retail and office properties in major cities with good growth prospects, primarily outside Helsinki area. Trevian will be responsible for the management and the deal sourcing of the joint venture.
The joint venture will start with a portfolio worth approximately €160 million ($170 million). The aim is to seek further investment opportunities to significantly expand the portfolio size in accordance with the investment strategy. Its current commitmen