Mutual pension insurance companies Varma and Elo have agreed on a transaction that will see the merger of the Jumbo Shopping Centre and Flamingo Entertainment Centre located in Vantaa, Finland, near Ring Road III.
The value of the transaction is approximately €600 million ($682 million), and once it is finalized, Varma and Elo will each have a 50 percent share in the real estate.
The Jumbo Shopping Centre is visited yearly by some 12 million people, while Flamingo has around 4.7 million visitors. Together, they form the largest shopping and entertainment center in the Nordics, with annual sales amounting to almost €500 million ($568 million).
“Combining holdings in Jumbo and Flamingo brings us advantages which help us to efficiently manage the real estate. The services offered by the properties to customers also support each other well. Joint ownership makes it possible to develop the entity even better to meet consumers’ needs and strengthen the shoppin
