Ilmarinen invests in office property in Atlanta
Ilmarinen has invested in an office property in Atlanta, Georgia, U.S.A. This marks Ilmarinen’s eighth joint investment with New York Life Insurance Company.
The office property, which was completed in 1999, is located in the Buckhead district, north of central Atlanta. The area has an abundant supply of financial and technology sector jobs, as well as homes and services. The lettable surface area of the 19-storey building is 40,000 square metres, and its occupancy rate is some 90 per cent. The tenants of the office building include a number of technology, insurance, finance and real estate companies, the largest of which is USI Insurance Services.
“In the past few years, the Atlanta area has seen the creation of many new jobs, while the construction of new office buildings has been moderate, which has improved the occupancy rates of office premises. The office property we have acquired is located in one of Atlanta’s most affluent districts, and the high number of new homes and amenities that are nearing completion make it all the more attractive. The investment nicely complements our strategic partnership in the U.S. real estate market,” says Mikko Antila, Ilmarinen’s Head of International Real Estate.
Ilmarinen entered into a strategic partnership with New York Life in 2017. The joint venture owned by the companies makes long-term investments in office properties in growing U.S. metropolitan areas. The Atlanta office property is the joint venture’s eighth investment. The previously acquired properties are located in Boston, Charlotte, Los Angeles, Orange County, Phoenix, San Francisco and Washington D.C.
New York Life is the largest mutual life insurance company in the United States, and its investment division NYL Real Estate Investors has USD 53,1 billion in assets under management (as of September 30, 2018).
Ilmarinen’s real estate investments are valued at approximately EUR 6 billion, roughly a quarter of which consists of foreign real estate investments. Ilmarinen’s investment strategy includes the aim of increasing the international diversification of the real estate portfolio. In addition to the U.S. market, Ilmarinen has real estate investments in Germany, Belgium, the Netherlands and the U.K., to name a few. Finnish real estate, however, will continue to make up the core of the real estate portfolio.
For more information, please contact: Mikko Antila, Head of International Real Estate, tel. +358 050 5779066
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $53.1 billion in assets under management as of September 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $53.1B is gross and includes AUA ($1.6B), and debt ($0.5B) as of 9/30/18. Net AUM for Real Estate Investors is $51.0B as of 9/30/18.
About New York Life
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies**.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/18. For methodology, please see http://fortune.com/fortune500/
**Individual independent rating agency commentary as of 7/30/2018: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+)
New York Life Insurance Company