S-Pankki Oy acquires Fennia Asset Management Ltd. and Fennia Kiinteistoet Oy

Fennia Mutual Insurance Company (”Fennia”) has divested Fennia Varainhoito Oy and its 100% owned subsidiary Fennia Kiinteistöt Oy to S-Bank Ltd (“S-Bank”). S-Bank belongs to S-Bank Group, which is majority-owned by S Group, the retail market leader in Finland. Aventum Partners acted as the adviser to Fennia on the divestment.

Fennia Varainhoito Oy and Fennia Kiinteistöt Oy provide high standard asset management, real estate management and real estate development services to Fennia and a broad external clientele including institutional, corporate, and retail customers. The divested entities are highly recognised especially in strongly growing real estate asset management segment. Fennica Properties (AIFM) fund was one of the first open-end real estate funds in Finland. Today, the offering covers also Fennica Building Plot (AIFM ), Terrieri Kiinteistöt closed-end fund, managing and developing strategic property portfolios and joint ventures as well as consultation and traditional asset management services.

Operations of Fennia Varainhoito Oy and Fennia Kiinteistöt Oy have grown strongly over the last ten years, and assets under management totalled some EUR 2.1 billion in 2019. Majority of 40 employees of Fennia Varainhoito Oy and Fennia Kiinteistöt Oy will transfer to S-Bank as part of the transaction.

Fennia’s vision is to be the most customer-oriented insurance company in Finland. The divestment allows Fennia to streamline its operations and focus on developing its core business.