Pan-European fund manager Aberdeen Celexa Property Investors is putting together an innovative SKr2bn real estate fund for smaller Swedish pension funds that presently have no exposure to property. According to Aberdeen manager of the Nordic region, Anders Áström: “Our goal is to build up a portfolio with the fund being SKr1bn of equity and up to SKr1bn of debt.
“There will be similar exposure to all four established property sectors in Sweden including offices, residential, retail and industrial,” said Áström. There are very few funds in the country and virtually nothing for institutional investors. Aberdeen is talking to two major investors who want to invest, and at the same time be involved in setting the vehicle’s structure and agenda.
Aberdeen says the fund may be closing in September, but as Swedish investors are unfamiliar with this type of vehicle, it may take longer than expected to set up. Aberdeen expanded into continental Europe in May following its purchase of pan-European fund manager Celexa. It consolidated its position in the UK with the acquisition of RREEF UK from RoProperty Holding. The two deals increased Aberdeen’s assets under management from £2.3bn to £5.9bn, with Celexa and RREEF managing assets of £1.9bn and £1.7bn respectively.
