Krogerus advises AMF on its EUR 652 million joint venture with Kesko and Ilmarinen

Krogerus acted as lead counsel to Swedish pension insurance company AMF Pensionsförsäkring AB on its joint venture with Kesko Corporation and Ilmarinen Mutual Pension Insurance Company to set up a real estate investment company called Ankkurikadun Kiinteistöt Oy.

The joint venture will own, manage and develop store sites acquired by it and primarily used by Kesko Group. According to the framework agreement, the joint venture will acquire various store sites and shopping centres in Finland and Sweden. Kesko Group will lease the store sites sold to the joint venture under long-term leases of 15 years in Finland and 10 years in Sweden.

The combined fair value of the store sites and shopping centres to be acquired is EUR 652 million. The transaction is the largest ever sale and leaseback transaction in Finland.

The Krogerus team was led by partner Marcus Möller and primarily included partner Juha Wessman and senior associate Leif Laitinen. Partner Leena Lindberg led the advice on competition law matters.