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Ilmarinen Teams Up with New York Life on $620 Million Office Portfolio

Finnish Pension Fund Looks To Double its U.S. Investments with NYLife
October 9, 2017
Ilmarinen Mutual Pension Insurance Co., Finland’s oldest pension fund, and New York Life Insurance Co. have formed a new joint venture to own and acquire U.S. commercial properties.

New York Life seeded the venture with a portfolio of initial investments: six office properties in Boston, Washington DC, Charlotte, San Francisco, Los Angeles and Orange County. However, the properties have yet to be specifically identified other than one being the 295,451-square-foot Westory Building in Washington, DC, according to Ilmarinen.

The combined value of the portfolio is around $620 million. The goal is to roughly double the volume of the joint venture’s real estate investments in the coming years.

"The purchased properties represent a geographically diversified portfolio in growing metropolitan areas on both the East and West Coast of the United States. Our investments will focus on office properties that are technically sound and functionally modern with good occupancy rates," said Mikko Antila, Ilmarinen’s portfolio manager in charge of international real estate investments.

Ilmarinen’s share of the joint venture is 49% and New York Life holds the remainder.

"The strategic partnership with a traditional and respected institutional investor offers us a strong foundation to expand our investments in US real estate markets. The partnership offers us deep insight into local commercial property markets," Antila said.

Mark Talgo, head of New York Life Real Estate Investors, said the JV allows New York Life to cast a wider net within the office sector, and provides further diversification to the company portfolio.

This new real estate collaboration supports Ilmarinen’s investment strategy which aims at improving the international diversification of its real estate investments. In recent years, Ilmarinen has invested in the U.S. housing market and in another office property in the greater Washington D. area. In addition to Finland, the company has European direct real estate investments in Germany, Belgium and the Netherlands.

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