Real estate

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.

January - June 2013

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.