Insurance group Fennia Life has sold three logistics facilities in the Greater Helsinki area and in Tampere, Finland, for an undisclosed amount.

The company sold a logistics property in Tuusula, in the Helsinki metropolitan area (HMA), to local pension fund Keva for EUR 15 mln. The refrigerated warehouse was constructed in 2007 and has a lettable area of 11,300 m2 fully let to Valio.

An additional two assets were sold by Fenna Life to Sponda Fund II, a EUR 200 mln vehicle managed by property company Sponda which invests in logistics, warehouse and industrial properties. The assets are located in Espoo (HMA) and Pirkkala, near Tampere. The Espoo property was completed in 2010 for the use of Lainapeite while the facility in Pirkkala, completed in 2007, is leased to Komatsu Forest, a Finnish subsidiary of Japanese Komatsu Group.

'Divestment follows our strategy to reduce our portfolio's allocation to logistics. Currently, we are looking for investment opportunities among office, retail and residential properties,' said Timo Rantala, head of Real Estate Investments at Fennia and Fennia Life.

Finadvice acted as sales advisor for Fennia Life.