Ilmarinen, one of Finland's largest pension insurers, has appointed Aberdeen Property Investors (API) to invest part of its €2.4bn ($2.6bn) property portfolio internationally for the first time.

API will invest indirectly in property in the eurozone through unlisted property funds and other vehicles for the asset class. Tomas Otterud, fund manager at API in Stockholm, said: "This is an important step forward for our client, Ilmarinen, but it is also an important step forward for Nordic region investors, who are increasingly looking to diversify outside of their own domestic market."