Property and real estate management services for business and residential buildings under
one roof

A new kind of operator will enter the Finnish property and real estate management sector when property management expert Ovenia and real estate management specialist Arenna Oy combine their strengths. The new company will be the leading company in Finland providing property and real estate management services.  

Ovenia Group Oy has acquired over 90 per cent of Arenna Oy's shares. As a result of this acquisition, Ovenia Group’s subsidiary Ovenia Oy will join forces with Arenna Oy. The estimated combined turnover of the two companies for 2011 is EUR 35 million. The new entity manages over ten million square metres of commercial and office premises and real estate manages over 70,000 housing units. The combined staff is about 400. Both companies will continue their businesses as before and under their own names.

For property owners, the acquisition provides the opportunity to operate with one service provider only on all matters concerning their properties. Ovenia and Arenna will together provide all the services concerning property and real estate management through their own national network.

“Ovenia’s growth has been strong and determined in recent years. With Vaaka Partners, our principal owner since last spring, we wanted to expand to the real estate and property management of residential properties. We are very pleased to start working with Arenna, as they are the best in the sector. Now we can offer our customers an extensive service portfolio of the highest quality that covers the whole Finland,” says Mika Valtonen, CEO of Ovenia.

The merger will also create interesting development opportunities for the staff. According to Kai Kosunen, CEO of Arenna, the special competence and best practices of the two companies will be utilised in the new company.

“Arenna has gained a firm foothold in real estate management and property management of residential buildings. The merger of Arenna and Ovenia will create strong synergy between real estate management expertise and institutional property management. We can now focus our efforts on one national network and the construction of a shared service portfolio. From the perspective of real estate management, the acquisition will also increase local flexibility,” Kosunen says.

Further information:

Kai Kosunen, CEO, Arenna Oy, tel. +358 (0)50 66 162, kai.kosunen(at)arenna.fi

Mika Valtonen, CEO, Ovenia Oy, tel. +358 (0)40 726 0006, mika.valtonen(at)ovenia.fi

Ovenia provides customer driven property management services for property investors and corporate clients. With 30 years of experience, Ovenia is the largest and oldest company in its field. Its comprehensive service offering covers property management, asset management, leasing services and life-cycle services. The company employs 150 property professionals and has offices in Helsinki, Lahti, Turku, Tampere, Jyväskylä, Kuopio and Oulu.

Arenna Oy is one of the major companies in Finland providing real estate management, property management and rental services. With decades of experience, Arenna is in charge of managing and increasing the value of over four million square metres of residential and commercial space in Finland. Arenna provides real estate management, property management and rental services for the entire life cycle of the property in a responsible, customer-oriented and efficient way. Formerly Avara Isännöinti, Arenna was renamed on 30 September 2011. Further information: www.arenna.fi

Vaaka Partners Ltd is a Finnish private equity firm focusing on small and lower midmarket buyouts. The portfolio companies combined have sales of over EUR 400 million and a staff of about 3,000. Current buyout investments include heating plant provider Renewa, pet product retailer Musti ja Mirri and property management service provider Ovenia. Further information: www.vaakapartners.fi