Areim Fund II – €190 million First Close4 October 2012
Stockholm-based Areim AB is pleased to announce the initial closing of its second real estate fund, Areim Fund II, which will focus on value-added investments in Sweden. Two of the three investors from Areim Fund I, GIC (the Government of Singapore Investment Corporation) and APG, have committed to the new fund alongside AP4 (the Fourth Swedish National Pension Fund) and have together committed capital of SEK 1.6 billion.
“We are very happy to have a first close of Areim Fund II with such a high caliber of new and repeat investors” commented Leif Andersson, CEO of Areim AB. “Investors still view the Swedish market favorably and in recent weeks we have seen strong interest from other domestic and international investor groups. We have ongoing discussions with additional interested parties and are confident that we will expand our investor base in the near future.”
Similar to its predecessor, Areim Fund II will pursue value-added investments in the form of office repositioning, retail investments and residential development projects in Sweden with a focus on Stockholm. The fund is an eight-year vehicle with a three-year investment horizon and a total investment volume of approximately SEK 6-7 billion when fully committed. Areim II Fund is advised by Areim AB.
Areim Fund I was launched in September 2007 and, despite challenging market conditions, is now fully invested and on track to deliver its expected value-added returns. AREIM I Fund comprises 30 properties across Sweden and is 60% invested in office, 30% in retail and the remainder in residential properties.
Name: Leif Andersson
Phone: +46 70 454 65 20