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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.