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Profi Fastigheter to raise 3B kronor for Swedish property fund

Swedish real estate fund manager Profi Fastigheter intends to raise 3 billion kronor for its new Profi V value-add property fund, IPE Real Assets reported.

The investment vehicle will focus on buying office, light industrial, logistics, mixed-use assets, and social infrastructure major cities in Sweden, including greater Stockholm, Gothenburg and the Malmo region.

The fund will aim for a net internal rate of return of 13% to 14% and an equity multiple of 1.9%. It will also use debt with a loan-to-value of up to 65%, according to the May 24 report.

As of May 24, US$1 was equivalent to 9.55 kronor.