APG invests in Finnish rental housing company SATO: Varma sells 50% of its interest


Dutch pension fund asset manager APG Asset Management N.V. (“APG”) has completed an investment in Finnish residential company SATO. Varma Mutual Pension Insurance Company (“Varma”) has sold half of its shares in Finland's second largest rental housing company SATO to APG, which makes APG the second largest shareholder in SATO. Following the transaction, Varma's shareholding in SATO is now around 22.8%.

SATO is a fully integrated private residential company which owns and rents about 24,000 residential units in Finland and St. Petersburg. The Company has a portfolio of about EUR 2.4 bln residential units and it aims to grow it further to EUR 4.0 bln by 2020. The company has over the years consistently outperformed its peers through its stock selection and asset management activities.

"In recent years Varma has increased its ownership in SATO, becoming the largest shareholder in the company. Even after the transaction, we remain a large shareholder in the company. This transaction is a demonstration of the success of the of SATO's long-term strategy to become a leading rental housing company in Finland," says Varma's Chief Investment Officer Reima Rytsölä.

"APG is focused on increasing its residential exposure in Europe, particularly in key metropolitan areas that have a growing population. For many years APG has been a significant investor in the residential sector in the Netherlands. More recently we have made two investments in the residential sector in London. SATO is an interesting investment opportunity for us. The expected strong demographic favorable trend in the Helsinki Metropolitan Area underpins the demand for the rental apartments provided by SATO," says Robert-Jan Foortse, Head of European Property Investments at APG.

About Varma 

Varma Mutual Pension Insurance Company is the largest earnings-related pension insurer and private investor in Finland. The company is responsible for the statutory earnings-related pension cover of more than 860,000 people in the private sector. Premiums written totaled EUR 4.3 billion in 2013 and pension payments stood at EUR 4.8 billion. The company’s investment portfolio amounted to EUR 38.7 billion at the end of March 2014.

About APG Asset Management N.V.
APG Asset Management N.V. is a Dutch pension fund asset manager in the Netherlands. For its pension fund clients and their 4.5 million active and retired participants from the public and private sectors representing over 30% of all collective pension schemes in the Netherlands, APG Asset Management N.V. manages pension assets of more than €359 billion as at the end of April 2014.

For more information, please contact:
Reima Rytsölä, Chief Investment Officer, Varma, tel. +358 10 2443180
Harmen Geers, Senior Press officer, APG AM, tel. +31 20 6049136, harmen.geers@apg.nl