Swiss Life Asset Managers has expanded its reach in the Nordics by acquiring Wilfast Förvaltning, a SEK20bn (€1.77bn) real estate company operating in Sweden, Denmark and Finland.

The European investment manager has paid an unspecified amount to acquire the Sweden-based real estate company that provides services for property and business management, leasing, transactions and project development.

Founded in 1992 and based in Gothenburg, Wilfast has had a longstanding business relationship with Swiss Life Asset Managers by working together on numerous projects.

Swiss Life Asset Managers said Wilfast will continue to operate under its current management and will operationally become part of Swiss Life Asset Managers Nordic.

Christian Ness, the CEO of Swiss Life Asset Managers Nordic, said: “Wilfast’s more than 30 years of experience in the real estate industry, combined with a deep understanding of each link in the value chain and the company’s specialist expertise, has convinced us that they are the right partner to strengthen our capabilities in Sweden.

“With the acquisition of a highly capable firm we will accelerate our growth strategy in the Nordics with a physical market entry in Sweden, adding strong local expertise, market know-how and trusting relationships locally.”

Mattias Wilson, managing director of Wilfast Förvaltning, said: “We are delighted to have found a like-minded partner in Swiss Life Asset Managers to enable us to continue to offer a wide range of services within property and business management, leasing, transactions and project development.

“Together with Swiss Life Asset Managers we are looking forward to further developing our very good relations with our existing partners. We value the strategic direction, financial strength and the wider European network which Swiss Life Asset Managers offer us and look forward to the new opportunities ahead.”

To read the latest IPE Real Assets magazine click here.