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The Finnish Competition and Consumer Authority’s penalty proposal

The Finnish Competition and Consumer Authority announces its proposal

Colliers to review the content of FCCA’s proposal

Colliers International Finland Group Oy has received today, February 10th 2021, from the Finnish Competition and Consumer Authority (FCCA) a proposal for a penalty payment related to the suspected illegal activities of the Finnish Real Estate Management Federation (FREMF) and several companies that carried out housing management services between November 28th 2014 and April 4th 2017. 

Colliers, a global real estate service provider, acquired Ovenia Group, which provides property management and housing management services, in January 2018. Among the companies investigated by FCCA, Arenna Oy was part of the Ovenia Group at the time. In July 2018, Colliers sold that housing management business, focusing on providing property management services to professional real estate investors in line with its strategy. FCCA's proposal is therefore concerning the period before Colliers International.

As a former short-term owner of Arenna Oy, Colliers is currently reviewing the content of FCCA's proposal and will provide its response. As the case is in process, we do not comment on the proposal at this stage. 

We emphasize that it is of paramount importance to Colliers to comply with applicable laws in all its businesses, including competition laws. Our employees are committed to follow Colliers’ Code of Ethics and Conduct and live by our company’s values always doing what’ right. We constantly train our employees to follow the policies and guidelines. 

Ari Vanhanen
Colliers International Finland Group Oy

Media Contact:

Leena Rindell
Head of Marketing and Communications
Colliers International Finland Group Oy
+358 50 376 1124