Avara’s management has acquired the shares of institutional owners and holds approximately 90% of Avara.
Avara is a residential real estate investment and asset management company in Finland with €1.2 billion of assets under management, nationwide. Avara’s s largest shareholders were Elo Mutual Pension Insurance Company, Fennia Life Insurance Company and OP Group companies. As a result of the transactions completed in May, the management of Avara became the majority owners. Avara’s Senior Management and Chair of the Board Risto Kyhälä own approximately 90% of the company.
The Senior Management participating in the transaction comprises Mika Savolainen, CEO of the parent company; Harri Retkin, Chief Investment and Finance Officer; Tuomas Rantsi, Chief Operating and Development Officer; and Arttu Ekqvist, CEO of Avara Funds Ltd. Except for Ekqvist, the Management already partly owned Avara. All four management team members have years of shared history and experience in Avara.
"The management has a strong shared goal to drive Avara further as an active and distinctive forerunner in residential real estate investment. We believe that the management buyout will further strengthen Avara’s position in the eyes of all our stakeholders and as a partner for investors," says Mika Savolainen, CEO of Avara, summarising management’s view.
For more information, please contact:
Mika Savolainen, CEO, Avara Ltd, mika.savolainen@avara.fi, tel. +358 400 986 526
Avara is Finland's leading residential real estate investment and asset management company with €1.2 billion of residential real estate assets under management, nationwide. Avara is a valued, trustworthy and responsible strategic partner for investors seeking to invest in residential real estate in Finland.
