Varma, one of Finland’s three largest pension funds, is divesting its direct residential portfolio to increase its stake in listed residential real estate firm Kojamo, a move aimed at improving investment efficiency ahead of changing solvency regulations.
The €66.7 billion mutual pension insurer’s residential portfolio is being sold to Lumo Kodit for around €900 million in cash and new shares issued by Lumo’s parent Kojamo, making Varma a 15% shareholder in Nasdaq Helsinki-listed Kojamo, Finland’s largest private residential real estate company.
Varma held nearly 8% of Kojamo’s shares prior to the transaction.
Source: IPE Real Assets on 11 February 2026.
https://realassets.ipe.com/news/varma-swaps-900m-residential-portfolio-for-cash-and-higher-stake-in-kojamo/10135114.article