SWEDEN - The asset management arm of Swedish occupational pensions mutual Alecta is to transfer the management of its real estate portfolio in France.
Alecta Investment Management has awarded a mandate to Cushman & Wakefield Investors to manage its French portfolio, which comprises 12 office and warehouse assets located in provincial cities, including Lyon, Bordeaux and Toulouse.
Alecta has over €40bn of global assets under management of which 7% is invested in real estate, mostly in Sweden, the US, the Netherlands and the UK.
No one was available at Alecta to explain the reason for the move, but David Rendall, European chief executive at C&W Investors said the investment manager would seek to maximise the value of the existing assets.
"We are delighted to have won this mandate which has real opportunity for enhancement of the portfolio through active asset management," he said.
"We see a lot of potential on a selective basis in regional France, notably to benefit from lower volatility at attractive prices."