Varma took the pioneering step and refinanced its real estate holdings with third party debt

Recent work|August 19, 2026

Finnish pension legislation was amended from the beginning of July 2026 to enable pension institutions to finance their real estate holdings with third party debt. The purpose is to provide the pension institutions with more flexibility in their investments and improve the long-term return expectations. Varma took the pioneering step and was the first pension institution to acquire significant debt against its real estate portfolio.

Roschier assisted Varma in the pre-financing restructuring and legal aspects of the financing itself. Effective third party financing required restructuring of the real estate holdings to separate subsidiaries, and Roschier participated both in the planning of the tax effective restructuring and the preparation of extensive legal documentation to carry out the restructuring. All restructuring steps were carried out tax neutrally. 

We also assisted Varma throughout the entire credit process, from initial discussions with potential lenders to term sheet and finance document negotiations and closing of the financing transactions.

Roschier’s core advisory team comprised Mika Ohtonen, Merja Raunio, Sampsa Myllymäki, Eveliina Koivunen, Taru Viitanen, Julius Torvelainen, Axel Castrén, Janna Tuominen, Ella Reunanen, and Jonne Järvi.