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Areim holds SEK 2bn first close

The Stockholm-based private equity real estate firm is aiming to complete its SEK 4 billion fundraise during the first half of 2016.

The Stockholm-based private equity real estate firm, Areim, has held a SEK 2 billion (€215 million; $234 million) first close on its latest value-add fund, which has an SEK 4 billion target.

The firm’s third fund, Areim Fund III, received capital from institutional investors that included Allianz Real Estate, the Swedish national pension fund AP4, and Riksbankens Jubileumsfond.

“We are very honored to have the continued confidence of some of the world’s top institutional investors and we expect additional capital to be secured during 2016,” commented Leif Andersson, founder of Areim.

Similar to its predecessor funds, the firm look to make value-add investments in the form of office repositioning, retail investments, and residential development within the Nordic countries. The fund is a 12-year vehicle with a three-year investment horizon.

Areim Fund II closed on SEK 2.8 billion back in 2013. Ariem’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.

Areim was formed in 2003 primarily to be the Nordic investment partner of groups including The Blackstone Group and ING Real Estate Investment Management.