Stockholm-based real estate manager Areim has announced the appointment of a new chief executive officer. Henrik Landelius will succeed Therese Rattik, who has been with the business for 20 years and served as CEO for the past 10.
Rattik will remain working at the firm full time as partner and will sit on the board of directors. According to Leif Andersson, who founded Areim in 2003, the role change will free up Rattik’s time to concentrate on developing leadership, culture and sustainability at the firm. “It’s very much a case of releasing her for other things that are really important to us,” he told PERE.
Landelius joins from Swedish construction and development company NCC, where he served on the executive management team and has spent the past five years as head of NCC Building Sweden, the division responsible for constructing sustainable housing, offices and public and commercial properties in the country.
Andersson, whose own responsibilities as founder and member of the board of directors will remain unchanged by this appointment, said Landelius’s hire reflects a need to broaden the scope of experience in Areim’s leadership team. “When you grow a business, you have to constantly see to it that you have the right people and that you have enough leadership skills and the ability to scale. We wanted someone with experience scaling up and growing businesses. We have some new projects that we’re working on and we need to have the right team to continue to grow them.”
Andersson declined to share details on these new projects, but said the firm is looking to widen its product range.
When Landelius assumes the role in March next year, it will mark the second senior leadership change for the Swedish firm in the space of 12 months. In April this year, the firm’s head of investments for Sweden, Erik Vikbladh, took over from Erika Olsén as chief investment officer. Olsén has remained with Areim as partner, investments.
‘Stress’ in Sweden
Andersson said Areim is actively deploying its capital, but is doing so “cautiously” given “there is still some more room for price correction.” He said buyers and sellers have yet to find a new equilibrium, but a change in sentiment among sellers as interest rates have continued to rise over the past six months will produce “more interesting opportunities in the autumn through the spring than we have seen over the last six to 12 months.”
This will be partly driven by a mounting need among listed companies in the Nordics, many of which have become heavily reliant on bond financing, to sell high-quality assets to pay back debt maturities, he said.
“We have already seen some of this ‘stress’ in Sweden,” said Andersson, who noted that the vast majority of all listed property companies in the Nordics are listed on the Swedish stock exchange, and the vast majority of their holdings are in Sweden.
“We’re starting to see a pretty interesting opportunity there on the residential side, in particular, given the lack of buyers that are actually able to pick up assets.”
Areim, which occupies 94th position on the PERE 100 ranking of the world’s largest real estate managers, employs a value-add strategy across investments in light industrial, residential, office, retail and data centers in the Nordic region. In January this year the manager closed its largest fund, Areim Fund V, on €877 million, as reported by PERE, and followed in May with the closure of its first sector-specific fund, Areim DC Fund, which raised €446 million to invest exclusively in data centers.