Andersson Real Estate Investment Management (AREIM), the Stockholm-based private equity real estate firm, has closed its latest value-added fund on a total of SEK 2.8 billion ($417 million; €324 million) of commitments.
The firm, which was formed in 2003 primarily to be the Nordic investment partner of groups including The Blackstone Group and ING Real Estate Investment Management, has attracted commitments from Nordic institutional investors Riksbankens Jubileumsfond and Kåpan Pensioner Försäkringsförening to the AREIM Fund II.
Together, they have poured in an additional (€63 million; $82 million) to the equity pool, joining investors that have taken part in previous closes, such as Allianz Real Estate. Allianz kicked in €75 million to the pot, as revealed by PERE in December.
The line-up of LPs now includes Riksbankens Jubileumsfond and Kåpan Pensioner Försäkringsförening, Allianz Real Estate, the Government of Singapore Investment Corporation, Algemene Pensioen Groep and AP4, the Fourth Swedish National Pension Fund.
“We are very pleased to be able to close AREIM Fund II with these two final investors,” said Leif Andersson, chief executive officer of Areim.
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.
AREIM’s first fund was launched in the challenging vintage period of late 2007, immediately prior to the start of the global financial crisis. The SEK 2.1 billion fund is now fully invested.