Agore Kiinteistöt, a joint venture of Elo, Första AP-fonden and Trevian, has started its operations
1 June 2017 – Agore Kiinteistöt Ky, a joint venture established by Elo Mutual Pension Insurance, Första AP-fonden (AP1) and Trevian Asset Management Oy has started its operations. The company has on 31 May 2017 acquired from Elo a seed portfolio including ten retail assets worth approximately € 160 million. The properties are located in eight major Finnish cities including Helsinki, Tampere and Oulu. The leasable area of the portfolio exceeds 100 000 m2.
Agore Kiinteistöt will invest in the Finnish real estate market and its focus is on commercial real estate, mainly city centre retail and office properties in major cities with good growth prospects primarily outside Helsinki area.
“The name Agore is derived from Agora, a Greek word for market square, and Real Estate. It describes also company’s investment strategy to focus on centrally located commercial real estates in growing cities”, says Antti Muilu, Head of Domestic Real Estate at Elo Mutual Pension Insurance.
The aim is to actively seek further investment opportunities to significantly expand the portfolio size in accordance with the investment strategy. The company will have significant resources for further investments and its current commitments enable the total portfolio size to exceed € 400 million.
“We are very pleased to see Agore completing this first acquisition, which is in line with its strategy”, says Johan Temse, Investment Manager at AP1.
Trevian will be responsible for the asset management and the deal sourcing of the company.
“We are happy to announce the company to acquire its first properties and are pleased to start working with these assets. Agore will be an active operator in its market sector”, says Reima Södervall, CEO of Trevian Asset Management Oy.
Custor Capital AB acted as the advisor to Trevian.
For further information:
Antti Muilu, Head of Domestic Real Estate, tel +358 40 749 8283, email: antti.muilu@elo.fi
Maria Söderman, Portfolio Manager, tel +358 50 549 7490, email: maria.soderman@trevian.fi
Johan Temse, Investment Manager, tel +46 709 68 12 79, email: johan.temse@ap1.se
Elo Mutual Pension Insurance Company is a customer-owned employment pension company that manages the statutory employment pension provision for employees in its client companies as well as self-employed persons. Elo manages the pension security of about 700.000 people. The total premium income of Elo is approximately 3 billion euro annually. The market value of Elo’s investments is about EUR 21.5 billion.
Trevian Asset Management Oy is a Finnish investment and asset management company specializing in commercial properties. The company was established in 2012 and is owned by its key personnel. The company produces actively managed real estate equity funds and asset management services optimized for its customers. The services are focused especially for institutional real estate investors, banks and other professional investors. Trevian’s assets under management exceed 600 M€.
Första AP-fonden is one of five AP-funds which ensures stability in the Swedish national income pension system. Through long-term investments and the employees’ professionalism, Första AP-fonden is committed to be a world class pension fund. The fund’s assets under management totals SEK 311 billion (31 December 2016) and the global portfolio consists of equities, fixed income securities and alternative investments. The Fund’s mission is to generate the highest possible return, while maintaining a low level of risk, and thus contribute to a high and predictable income pension for current and future pensioners.