REAL ESTATE - Swedish pensions manager AMF has sold its Stockholm Wenner-Gren complex to property company Fabege for €68m – but says it remains on the “buy side” in the sector.

Mats Hederos, head of real estate at the Swedish fund, said: “It’s a good point to sell – in a strong market.”

The Ormsträsket district, where the complex is located, is undergoing strong development but Hederos said the fund did not have the critical mass to take advantage of it.

“In five to 10 years from now – in the long term – it will be interesting but you need to have a certain number of properties and you need resources to invest there,” said Hederos. “Other companies can do it better.”

However, he said the fund would “remain on the buy-side”. AMF is currently scouting potential acquisitions in shopping centres and, following a recent move into the segment, residential.

“Pension funds like us deal with long-term money and low-risk investments, so we’re looking at residential in growth areas such as Stockholm,” said Hederos.

AMF also plans to increase its real estate holdings. “We’re not targeting a specific percentage but we’re now in the region of 6% and that’s too low,” he said.

Elsewhere, Fabege subsidiary Tornet has sold 12 properties in Gothenburg for SEK380m to Fastighets AB Balder.