Ilmarinen logo Varma logo
Private Placement of shares in Kojamo logo
€ 283 million
Joint Global Coordinator Joint Bookrunner


Private Placement of Shares

Kempen & Co acted as Joint Global Coordinator and Joint Bookrunner in the successful private placement of 15m shares in Kojamo on behalf of Ilmarinen and Varma raising €283m

Transaction highlights

  • The successful placement of 15 million shares in Finnish residential company Kojamo, via an accelerated bookbuild offering, raised €283m in gross proceeds for the selling shareholders Ilmarinen and Varma (each selling down 7.5m shares)
  • Shares were placed at €18.85 per share, representing a 5.2% discount to the last close prior to launch
  • The accelerated bookbuilding process generated strong demand from long-only investors as well as momentum players, resulting in a multiple times covered orderbook
  • The top 10 investors in the orderbook took more than 60% of the share placement
  • Post placement, Ilmarinen and Varma retain a shareholding in Kojamo of 8.3% and 7.8%, respectively

 Company description

  • Kojamo Oyj, listed on Nasdaq Helsinki, is Finland’s largest private residential real estate company based on its €6.5bn of investment properties, and one of the largest listed European residential real estate companies
  • Its operations are focused on the Helsinki region as well as the Tampere, Turku, Kuopio and Lahti regions and the cities of Oulu and Jyväskylä, where the demand for rental apartments is growing due to urbanisation and the increasing popularity of rental housing

Kempen Real Estate credentials

  • Kempen has advised on Real Estate transactions in 14 different countries in Europe since 2017
  • This transaction underpins our leading position in European Real Estate ECM since 2011


Thomas ten Hoedt
Dirk Saltzherr