In the last few years, the Fund has expanded within real estate – a strategic asset class. The Fund has chosen the strategy of directly owning property companies, because this is deemed to be the most cost-effective and transparent method, thus providing a better expected return.
The Fund’s unlisted real estate holding chiefly comprises Vasakronan (25% ownership holding) Rikshem (50% ownership holding) and Hemfosa (more than 15% ownership holding). The Fund has also invested in Areim II and ASE Holdings.
The activity level in the companies was high in the first six months of the year. For instance, Rikshem carried out several acquisitions, was given an A- credit rating from S&P, and issued a bond. Hemfosa is preparing for a market listing on the Nasdaq OMX. AP4 did not make any new investments during the period.