Swedish insurer Folksam Group and Aberdeen Standard Investments have extended their relationship by teaming up to launch a €300m European real estate fund-of-funds.
AIPP Folksam Europe II, which had its first close with an initial €100m, is open only for investors from the Folksam Group. The plan is to invest €300m in real estate over the next three to four years.
The fund expects to invest mainly in non-listed funds but may include joint ventures and co-investments.
The launch of AIPP Folksam Europe II represents an extension of the long-term relationship between the two parties.
In 2007, Folksam set up AIPP Folksam Global with Aberdeen Property Investors, a bespoke property pooling structure designed for separate pension funds within the same group.
Prior to that, Folksam was also an investor in the Aberdeen Indirect Property Partners Fund.
Aberdeen Standard Investments was created through the merger of Standard Life and Aberdeen Asset Management.
Lars Graneld, a senior investment specialist at Aberdeen Standard Investments’ real estate business, said: “We will continue to source attractive opportunities with a low-risk profile. Once fully invested, the portfolio will be well diversified across European markets, sectors, managers and strategies.”
Michael Kjeller, the CIO for the Folksam Group, said: “We have been very pleased working with Aberdeen Standard Investments for more than a decade and we expect their prudent and well-proven investment process to continue to deliver stable returns.”
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