Merilampi represented Elo and Varma in the JV combining Jumbo and Flamingo

We represented Mutual Pension Insurance Company Elo and Mutual Pension Insurance Company Varma in the creation of a joint venture that combines the shopping centre Jumbo and entertainment centre Flamingo both located in Vantaa. Once the transaction is finalised, Elo and Varma will each own an equal share in these real estates. The value of the transaction is approximately EUR 600 million. The total leasable area of the properties is 140 000 sqm, and the number of tenants is approximately 170.

The completion of the transaction was subject to the approval of the competition authorities. The Finnish Competition and Consumer Authority approved the transaction unconditionally.