Finland’s second-largest pensions insurer, Ilmarinen Mutual Pension Insurance Co., has linked up with New York Life Insurance Co. to invest in U.S. commercial real estate.
The new partnership has already bought six office properties worth $620 million and plans to double the volume of investments in the coming years.
The joint venture is 49 percent owned by Ilmarinen with the majority stake going to New York Life. New York Life Real Estate Investors, a division of NYL Investors, will manage the assets.
“The purchased properties represent a geographically diversified portfolio in growing metropolitan areas on both the East and West coasts of the United States. Our investments will focus on office properties that are technically sound and functionally modern with good occupancy rates,” said Mikko Antila, Ilmarinen’s portfolio manager in charge of international real estate investments.
The first investments are in office properties in Boston; Washing
