JLL advises Ilmarinen in the sale of a major scale residential portfolio to Areim

Ilmarinen Mutual Pension Insurance Company has sold a portfolio of 17 residential properties, providing almost 900 apartments and a gross lettable area of some 54,000 sq m, to a fund controlled by Areim AB.

The properties are located in growing Finnish cities and are practically fully occupied. The assets are mainly located in the Helsinki Region and in important regional centres such as Turku, Tampere, Oulu and Lappeenranta.

Tomi Aimonen, Head of Domestic Real Estate Investments: “Apartments have an important role in Ilmarinen’s real estate portfolio. However, as part of our investment strategy, we have decided to concentrate on residential investments in the Capital Region and Tampere. The selling of this residential portfolio is part of that strategic choice. We have approximately 4,000 existing apartments and some 650 are currently under construction.”

Tero Uusitalo, Co-Head of Capital Markets, JLL Finland: We are extremely pleased to help Ilmarinen in the sale of this residential portfolio to Areim. The appetite for residential investments has increased significantly in recent years and the current interest rate environment is accelerating the demand for secure investments. Investors are interested in the strong cash flow residential portfolios are offering together with strong market fundamentals in Finland. Competition for residential properties, especially for portfolios, is intense for both domestic and foreign investors and through a well-structured sales process we have managed to achieve excellent results.

JLL acted as Ilmarinen’s sole commercial advisor in the transaction. Borenius acted as the seller’s legal advisor in the transaction.

JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Ilmarinen

Ilmarinen is a mutual pension insurance company. Our task is to ensure that our customers receive the pension they earned from employment. We promote a better working life and thus help our customers succeed. Ilmarinen is Finland’s largest earnings-related pension insurer for private sector. In total, we are responsible for the pension cover of more than 1.2 million people.

To cover the pension liabilities Ilmarinen has investment assets of more than €49 billion. We invest pension assets in a profitable, secure and responsible manner, in order to secure pensions also to the future generations. For more information, please visit: www.ilmarinen.fi