ILMARINEN TO BUILD UP ITS FOREIGN REAL ESTATE PORTFOLIO
Ilmarinen intends to increase the share of real estate investments in its portfolio over the next few years. According to Deputy CEO Timo Ritakallio, this will mainly be accomplished through direct foreign real estate investments.
“Our real estate portfolio is currently very Finland-centred. As with other investment activities, it is also important to diversify the real estate portfolio geographically, which is why we have decided to pursue investments with stable returns in foreign markets,” says Ritakallio.
Investments will be sought in other Nordic countries, and in stable and solvent European real estate markets, such as the UK, France, Germany and the US.
“In future, we will aim to take advantage of the different pace of economic cycles in the real estate markets of different areas,” explains Ritakallio.
At the end of September, the value of Ilmarinen’s real estate investments was around EUR 4 billion, with domestic investments accounting for nearly 90 per cent of the total. Ilmarinen’s current foreign real estate portfolio mostly consists of investments in funds.
Commercial premises given priority
In its foreign real estate investments, Ilmarinen will especially pursue commercial premises that are conducive to long-term investment and which will generate a stable and good return for pension assets.
“The sites must be in good locations, with modern building technology and high energy efficiency,” lists Tomi Aimonen, Ilmarinen’s Head of Direct Real Estate Investments.
Aimonen also stresses that, in direct real estate investments, good local knowledge of the markets is important to investors in order to make successful investment choices.
“For that reason, we will seek out local partners with whom we can enter into joint investments. We believe that with a strong real estate investor that operates in the country in question, we will achieve the best results,” he sums up.
For further information, please contact:
Timo Ritakallio, Deputy CEO, CIO, tel. +358 500 536 346
Tomi Aimonen, Head of Direct Real Estate Investments, tel. +358 50 366 7501
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