Aberdeen Property Investors Indirect Investment Management (API IIM), part of Aberdeen Asset Management PLC's property division, has signed a segregated account agreement with the Third Swedish National Pension Fund (AP3) for approximately €250 million.
AP3 has given API IIM the mandate to assist the fund in building a European property funds portfolio. The objective is to create a well diversified portfolio during a four year period, generating a good risk adjusted return. During this period, AP3 is expected to invest approximately €250 million in some 10 different funds.
This is API IIM's fifth segregated account for international indirect property investments and the first one with a Swedish client.
Anders Åström, Managing Director of API IIM, commented: "We are very pleased to have been given this responsibility by AP3, a highly professional and innovative asset manager. We see this as a sign of increased interest for international property investments among Swedish institutions. With this mandate from AP3 we are further strengthening our leading position in the European market for indirect property investments."