Varma to sell half of its stake in Certeum
Varma Mutual Pension Insurance Company has signed today a sale and purchase agreement concerning the sale of 50% of its shares in Certeum Ltd to Tungsten Investment S.à r.l., a company affiliated to Blackstone Real Estate Partners Europe IV. Following the transaction Varma's ownership in Certeum will be ca. 19.5%. The completion is conditional upon an approval being obtained from the competition authorities.
Varma co-founded Certeum in 2014 together with Sponda Plc, The State Pension Fund, Sponda Fund I, Sponda Fund II and Sponda Fund III. Certeum is a logistics and industrial property investment company, which started its operations in September 2014. Certeum specialises in owning, leasing and developing logistics and industrial properties. The 122 logistics and industrial properties owned by Certeum are mainly located in the biggest cities in Finland. The value of Certeum's property assets is 895.6 million euros and the leasable area is approximately 1.3 million square meters as of 30 June 2015.
Director, Investments, Reima Rytsölä, tel. +358 10 244 3180
Varma Mutual Pension Insurance Company is the most solvent earnings-related pension company and largest private investor in Finland. The company is responsible for the statutory earnings-related pension cover of some 860,000 people in the private sector. Premiums written totalled EUR 4.3 billion in 2014 and pension payments stood at EUR 5.0 billion. Varma's investment portfolio amounted to EUR 41.9 billion at the end of June 2015.