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Pension-Fennia appoints Cushman & Wakefield to invest €200m
12 Jun, 2006, Finland
Cushman & Wakefield's (C&W) indirect investment team has been appointed by the Finnish pension fund, Pension-Fennia to help build up their indirect property portfolio outside of Finland on a non-discretionary basis. Pension-Fennia intends to invest in the region of EUR 200 million over the next five years in the indirect property markets outside of Finland.
Pension-Fennia is part of the Fennia Group, which consists of Fennia, Pension Fennia and Fennia Life, offering non-life, life and pension insurance services. The Group was established in 1998, but the name Fennia and the insurance activities date back to the 19th century.
The appointment marks the start of the establishment of the "Finnish Real Estate Club", in a similar model to the successful "Danish Real Estate Club" that was formed by C&W a few years ago, and the C&W Indirect Investment team have been speaking to a number of other Finnish institutions.
Julian Schiller, Head of Indirect Investment at C&W, said: "This latest appointment reflects the ever-increasing appetite for the indirect route to property exposure and demand from Scandinavian markets for European product outside of the domestic markets.
"We are delighted to be working with Pension-Fennia to formulate their investment strategy outside of Finland and will be presenting indirect investment opportunities to them over the next few months.
"The next step will be the Finnish Real Estate Club, enabling likeminded member investors to collaborate and enjoy benefits such as, sharing costs, knowledge and experience, and gain a better collective bargaining power."
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