Agore Kiinteistöt, a joint venture between Swedish national pension fund AP1, Finnish pensions insurer Keskinäinen Työeläkevakuutusyhtiö Elo, and Trevian Asset Management, purchased a €160 million Finnish portfolio, IPE Real Estate reported.

Elo sold the 10-asset portfolio to the joint venture, making it the venture's first acquisition, the publication noted. The venture will focus mainly on city-center retail and office properties outside the Helsinki area.

The seed assets, spanning more than 100,000 square meters in total, are located in the Finnish cities of Helsinki, Tampere and Oulu, among others, the report said.