AP1, Stockholm, has created a wholly owned real estate manager to handle the 7 billion Swedish kronor ($1 billion) portfolio of primarily residential properties it plans to purchase by the end of the year, confirmed Ossian Ekdahl, spokesman for the 202.6 billion kronor fund.
The new manager, Willhem AB, will oversee the properties as well as scout future purchases for the fund, Mr. Ekdahl said. Willhem will invest only within Sweden.
This is the fund’s second real estate manager. Vasakronan, bought by AP1 and the three other main AP funds in 2008 from the Swedish government, runs 6.6 billion kronor in mostly commercial direct real estate investments for AP1, Mr. Ekdahl said.
AP1 will purchase the properties from clients of Acta Holding ASA, who need to approve the sale. The Swedish Competition Authority, Konkurrensverket, also must approve the deal. Attempts to reach Acta were unsuccessful.
