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The Swedish SEK552 billion (GBP42.5 billion) life insurer AMF Pension and the EUR34.2 billion Finnish Ilmarinen Mutual Pension Insurance Co. are joining forces with the Finnish retail conglomerate Kesko Corporation in creating a joint real estate venture. The purchase is part of AMF's strategy to increase its real estate portfolio, which currently counts for 12% of its investment portfolio.
Martin Tufvesson, head of real estate investments at AMF, said the scheme had been looking for real estate investments outside Sweden to diversify its portfolio. He believes Helsinki is an interesting growth market while it is still accessible compared to Stockholm, for example, where there is strong competition. The goal is to build...