Lumo Homes completes €900m apartment portfolio acquisition

Finnish residential real estate company Lumo Homes (formerly Kojamo) has finalised the acquisition of 4,761 apartments from Varma Mutual Pension Insurance Company.

Salmisaarenranta - Varma

The transaction, valued at €900 mln, was approved by the Finnish Competition and Consumer Authority.

The payment involved both cash and the issuance of 24,666,667 new Lumo Homes shares to Varma. These shares were subscribed for at an adjusted price of €11.699 per share, totaling €288.6 mln, which Varma paid by contributing a corresponding portion of the housing portfolio to Lumo Housing. This share issue increases Lumo Homes' total shares to 271,811,066.

Lumo Homes plans to list these shares on Nasdaq Helsinki, with trading anticipated to begin around 7 April 2026.

Varma’s deputy CEO, Markus Aho, commented: “We are pleased that the transaction has been completed as planned and in good cooperation between the parties. The arrangement supports our investment strategy and ensures a smooth transfer of the housing portfolio to a solid and professional real estate investor."