Vaaka Partners’ Portfolio Company Ovenia Acquires Arenna
Property management expert Ovenia Ltd and real estate management specialist Arenna Ltd combine their strengths to create the market leader in property and real estate management services in Finland.
Ovenia Group Ltd has acquired over 90 per cent of Arenna Ltd’s shares. As a result of this acquisition, Ovenia Group’s subsidiary Ovenia Ltd will join forces with Arenna Ltd. The combined turnover of the two companies for 2011 is EUR 35 million. The combined entity manages over ten million square meters of commercial and office properties and real estate, as well as over 70,000 apartments. The group employs 400 professionals.
For property owners, the acquisition makes it possible to operate efficiently with one service provider. Ovenia and Arenna will together provide all the services concerning property and real estate management through their combined national network benefiting from scale and scope benefits.
“Ovenia’s growth has been strong in recent years. With Vaaka Partners, our majority owner since last spring, we wanted to expand to the real estate and property management of residential properties. We are very pleased to join forces with Arenna, as they are the best company in that sector. Now we can offer our customers a comprehensive service portfolio of the highest quality covering the whole Finland,” says Mika Valtonen, CEO of Ovenia.
The merger will also create interesting development opportunities for the professionals in the new group. According to Kai Kosunen, CEO of Arenna, the special competence and best practices of the two companies will be utilized.
“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. For our real estate management customers, the acquisition will also increase local flexibility,” Kosunen says.
Kai Kosunen, CEO, Arenna Ltd, tel. +358 (0)50 66 162, kai.kosunen(at)arenna.fi
Mika Valtonen, CEO, Ovenia Ltd, 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 and life-cycle services. The company employs 150 property professionals and has offices in Helsinki, Lahti, Turku, Tampere, Jyväskylä, Kuopio and Oulu. Further information: www.ovenia.fi
Arenna Ltd 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 meters 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