Blown off by Brexit
A leading, $57bn Finnish investment fund looking to up its property holdings is ignoring London because of Brexit. Ilmarinen Mutual Pension Insurance Co says it is no longer looking at opportunities in the UK capital as the risks associated with the country’s unclear exit from the EU are too high.
Since 2016, the company has made real estate investments across Europe, but UK investing requires getting “a higher risk-reward than investing in Brussels and Berlin and Frankfurt,” Mikko Mursula, Ilmarinen’s head of investments told Bloomberg.
“Too many moving parts, that’s the biggest reason for us. Too many uncertainties,” he added. “We really don’t know what will be the political outcome, what will be the real outcome at the general agreement level.”