Alecta, Sweden鈥檚 largest occupational pension provider, has completed the sale of its UK real estate portfolio.
Goldman Sachs bought the portfolio of 26 properties for an undisclosed amount.
Previous media reports suggest the portfolio, which includes retail, office and industrial properties, is worth around 拢350m (鈧�389m).
The Swedish institution took the decision to close its offices in the UK and US in and sell a portfolio of 48 real estate assets via advisory firm in the two countries.
Per Frennberg, Alecta鈥檚 CIO, said high demand for real estate investments was an opportunity to restructure the way in which the organisation invested in the asset class.
鈥淥ur foreign operations have been extremely successful in consistently generating above-average returns, but they have always been a bit of an organisational anomaly in our streamlined business, which prioritises economies of scale within our investment strategy,鈥� Frennberg said in April.
In 2015, Alecta 鈥� which has SEK732.5bn (鈧�78.7bn) in pension assets 鈥� said it was cautiously optimistic about return prospects in the property markets in which it invested, despite higher prices.
The fund in V盲rmd枚 shopping centre, buying the Swedish retail asset from its joint owners and Vencom Property Partners for SEK421m.
