Varma to invest in residential development projects in Greater Stockholm
Varma continues to diversify its real estate investments abroad. Varma has invested in Aros Bostad III AB, which focuses on residential developments in the Greater Stockholm area. The Stockholm area is developing rapidly and along with the population growth, flats are in high demand. The strategy of the joint venture company established with Aros Bostadsutveckling AB includes both greenfield developments and conversion projects.
"Varma has a long history of investing in residential properties in Finland. During the coming years, Varma intends to increase the international diversification of its real estate portfolio. This new investment in Sweden is a good example of a structure that works well for us. Our desire is to invest alongside with experienced local partners," says Ilkka Tomperi, Varma's Investment Director responsible for real estate investments.
The other lead investors in Aros Bostad III AB, beside Varma, are Gamla Livförsäkringsbolaget SEB Trygg Liv and SEB Pensionsstiftelse. Aros Bostadsutveckling AB, established in 2006, specializes in residential developments. Together with its investment partners, it has invested in eleven residential development projects with a total value of SEK 3.5 billion.
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 totalled 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.
For more information, please contact:
Ilkka Tomperi, Investment Director, Real Estate, tel. +358 50 379 1903