Varma Mutual Pension Insurance may scale back its domestic real estate investment program in 2011, IPE reports. The Finnish pension company has recently signed a contract with Skanska Talonrakennus to develop 176 rental apartments worth €25 million in Helsinki.

The company, which has acquired or developed about 500 apartments during the past three years, spent €1 billion in 2010 and 2009. Varma, whose real estate portfolio is worth nearly €4 billion, will slow down property investments due to rising vacancies in the Helsinki office sector and the return of cross-border investors in Finland.

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