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Varma's real estates

New office premises in Kalasatama

Design your own office space!

New office premises designed to flexibly meet the needs of various companies will be completed in 2019 in the waterfront area of Kalasatama in Helsinki, adjacent to Kesko’s head office, K-Kampus. The urban area that is being developed close to the city centre boasts good connections and a range of services, such as a metro station; in addition, REDI, the largest shopping centre in downtown Helsinki, and the Teurastamo restaurant area are a short walk away.

The total floor space available for lease is 7,000 square metres.

For more information, please contact: Benjamin Kalliola, Real Estate Developer, tel. +358 500 99 66 88, benjamin.kalliola@varma.fi

Varma is a major real estate investor

Our real estate investments include, in addition to direct real estate investments, domestic and international real estate funds. We also consider it important to offer quality rental flats at a reasonable price, especially in growth regions.

As a real estate investor using its own equity, Varma has made major real estate investments and supported the progress of several real estate projects and will actively continue to develop properties under its ownership and convert them, for example, for residential use. Through these actions, we play a key role in supporting Finnish industry and trade and employment.

Varma's direct real estate investments are located in Finland. The assets are diversified according to types of premises and geographical location. In addition to rental flats, the portfolio includes all types of business premises, with the greatest weight on office and retail premises.

Varma's real estate investment portfolio amounted to EUR 3,906 million at the end of 2015, and the total return stood at 3,3 per cent. The market value of the real estate owned directly by Varma amounted to EUR 3,313 million.

High occupancy rate in real estate portfolio

At the end of 2015, Varma had a total of 130 new rental flats under construction in the Helsinki Metropolitan area. Several other housing construction and development projects are also under planning.In terms of investments in business premises, the focus is on developing, maintaining and renovating Varma's directly owned premises.

The occupancy rate of real estate properties owned by Varma remained at a good level in 2015. At year end, the vacancy rate for the office premises owned directly by Varma was 7,2 per cent.

We let diverse business premises that meet the needs of companies of different types and sizes. We own a total of around two million square metres of lettable property, more than half of which is office and commercial premises. Approximately 60 per cent of the real estate is located in the Helsinki Metropolitan Area. Varma owns some 4,000 rental flats, 60 per cent of which are in the Helsinki Region.

The value of real estate investments stood at EUR 3,841 million at the end of 2014, and total return was 3.8 per cent.

Varma builds new and develops old

We provide business premises that are tailored to companies' needs by developing our real estate premises and commissioning new construction projects. We are also a major developer of rental housing. In the coming years, our current base of approximately 4,200 flats will increase by around 100–200 new flats each year.

Varma currently has several real estate development and construction projects under way across Finland. Our annual construction investments are valued at nearly EUR 100 million and have a significant employment impact. Most of our ongoing projects are new housing construction and basic renovation projects. In addition to new building and renovation projects, we continually carry out minor maintenance, energy saving and user-modification projects at our properties.

International investments

Varma continued to increase the international diversification of its real estate investments in 2015. New investment commitments in international real estate funds totalled EUR 300 million. At year-end, the value of international and Finnish real estate fund investments amounted to EUR 522 million and the return was 10,2 per cent.

Most of our real estate investments, over 90 per cent, are focussed on Finland. In 2014, we became reactivated in the area of new international investments. In the spring we announced a co-investment in Sweden, through which we have invested in a few residential property development projects in Metropolitan Stockholm. Together with our partner AROS Bostadsutveckling AB we already have four ongoing projects, which cover both new buildings and the conversion of an office for residential use. The Stockholm region is developing rapidly and is experiencing strong population growth, which is increasing the demand for flats.

Early in 2015 we announced a co-investment in one of Sweden's largest shopping centres. Skärholmen Centrum's leasable area is approximately 100,000 m2, and it houses around 175 stores. The shopping centre is visited annually by more than 14 million customers, and it serves as the centre of the Skärholmen district, featuring public services, among other things.

At year-end, the value of Varma's international and Finnish real estate fund investments amounted to EUR 466 (565) million and the return was 8.0 (11.6) per cent.

Responsibility and energy savings

Varma exerts major social influence and is the largest real estate investor in Finland. We are committed to the UN Principles for Responsible Investment (PRI) and to improving the energy efficiency of business premises. In 2011 , Varma was among the first to join the Finnish Energy Efficiency Agreement Scheme and committed to reducing the energy consumption of its properties by six per cent by 2016. This target has achieved already, and measures for increasing savings continue to be developed. We target annual energy savings of at least 1 per cent also for residential properties.

Energy accounted for 36 per cent of the maintenance costs of Varma's real estate in 2014, which represents around EUR 29 million in the real estate portfolio for the year. A one per cent reduction in energy consumption translates to annual savings of some EUR 0.3 million. Buildings account for nearly 40 per cent of national greenhouse gas emissions, so a reduction in energy consumption brings almost immediate results.

Through energy-saving measures carried out in 2011–2014, the carbon footprint of Varma-owned properties has been reduced by 2,400 tonnes of carbon dioxide. The measures focus on controlling lighting, ventilation and heating, among other things. More than 400 individual energy-saving measures have been implemented in around 70 properties owned by Varma, generating annual savings of approximately EUR 0.7 million. This is equal to the annual energy consumption of nearly 600 detached houses heated with electricity.

Varma is committed to taking responsibility into account in its investment operations. This contributes to Varma's objective of having first-rate investment competence and to the company’s position as a long-term pension investor.

Through energy-saving measures carried out in 2011–2014, the carbon footprint of Varma-owned properties has been reduced by 2,400 tonnes of carbon dioxide. The measures focus on controlling lighting, ventilation and heating, among other things.