European pension giants ABP and ATP and Ilmarinen, one of Finland's largest pension insurance companies, are teaming up to invest €50 million ($64.68 million) each in a Finnish real estate fund managed by Aberdeen Property Investors. It is the first time the €194 billion Stichting Pensioenfonds ABP, Heerlen, Netherlands, and 340 billion Danish kroner ($59 billion) ATP, Hilleroed, Denmark, have invested in unlisted real estate in Finland, said Andrea Attisani, portfolio manager-real estate for ABP Investments, and Arne Andreasen, investment manager for ATP Real Estate.
Aberdeen Property Investors took over management of the Aberdeen Real Estate Fund Finland, with €280 million in assets, on Jan. 3 from Ilmarinen. It's not known what prompted the change. Sources at both Aberdeen and Ilmarinen were available to comment by press time.