According to the initial sales contracts terms Ilmarinen Mutual Pension Insurance Company sells its 40 % part of Aberdeen Property Investors Finland Oy’s shares to API Holding AB.
In the autumn 2002 Ilmarinen sold 60 % of its shares then Antilooppi Oy for Aberdeen Property Investors. This acquisition is the final step for Ilmarinen to accomplish its original goal to outsource the property management operations. Aberdeen Property Investors Finland Oy will be totally owned subsidiary of API Holding after the acquisition.
"Our co-operation has developed positively in every aspect and it has brought added value in our ambition to distribute our property investments internationally. We hope this arrangement will on its part clarify API’s role as one of the leading service providers on its line of business", comments Timo Kankuri, Head of Property Investments in Ilmarinen.
"This is one step ahead developing Aberdeen. Ilmarinen as a demanding client has helped us develop our operations. We believe that our business and both domestic and international client base will expand even further in the near future in Finland" says Managing Director Pertti Vanhanen from Aberdeen Property Investors Finland Oy.
"Besides our Finnish operations we are focusing on creating property fund instruments for Finnish investors and we are more active on property investment markets of the Baltic Countries and Russia", Vanhanen continues.
Aberdeen has expanded in Europe Aberdeen croup has expanded significantly in Europe during the last three months by buying Catella’s management operations in Belgium and the Netherlands and opening a new office in Germany.