Copenhagen-based BPT Asset Management has entered into a strategic partnership with Finnish bank Evli that will see the group expand its portfolio to encompass the Baltic Sea and hold assets worth some EUR 1.5 bn under management.

The deal involves BPT taking control of Evli's real estate business, including management of its three funds. In return, Evil will receive a major shareholding in BPT.

The combined real estate assets under the new partnership are primarily in the office, retail and logistics sectors. The new deal sees gives the partnership a presence in Finland, the Baltics, Russia, Poland and Northern Germany.

The deal sees BPT/Evli becoming the third-largest asset manager in the Baltic region.