Areim Fund II buys 20 ICA assets out of bankruptcy

Andersson Real Estate Investment Management's new fund, Areim Fund II, has acquired a property portfolio comprising 20 ICA retail assets. Financial details were not disclosed. However, Swedish media put the sales price at SEK 750 mln (EUR 87 mln).

The portfolio was acquired from a bankruptcy estate administered by law firm DLA Nordic, and it was previously owned by REIT.

'We completed the first closing of Areim Fund II two weeks ago and are very pleased to have already carried out the first acquisition for the fund,' said Leif Andersson, CEO of Areim. The company will work together with Möller & Partners in managing the portfolio.

Areim Fund II focuses on value-added investments in the form of office repositioning, retail investments and residential development projects in Sweden. The fund has an eight-year life with a three-year investment horizon and a total investment volume SEK 6-7 bn (EUR 700 mln) when fully committed.

Areim was founded in 2003 with a goal to serving as the Nordic real estate operating partner for The Blackstone Group. In 2005-2008, Areim broadened its client base by adding advisory services to ING Real Estate. In 2007, Areim launched its first real estate fund, Areim Fund I, with a committed capital base of SEK 2.1 bn from APG, GIC and ATP. In 2012, Areim's second real estate fund, Areim Fund II, was launched with an initial committed capital base of SEK 1.6 bn as of the first closing.

Areim is also the co-founder and owner of Jarl Asset Management, the developer of the Stockholm Waterfront project, which was completed in 2011.