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Swedish buffer fund subsidiary snaps up Germany office property

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Cityhold, owned by Sweden’s national pension funds AP1 and AP2, is buying a Hamburg office property as it continues to invest in core European cities.

The investor, which has so far invested in London and Munich, has a portfolio worth around €800m.

AP1 and AP2 initially earmarked €500m of equity for Cityhold, which is targeting core offices for long-term investment.

In Germany, the company is focusing its efforts on Germany’s top five cities.

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The Hamburg Atlantic Haus property, a high-rise office building sold by UBS, will take Cityhold’s German portfolio to €200m.

Cityhold head of Germany Berith Kübler said: “As Europe’s largest national economy and, above all, as a stable real estate market, Germany plays a key role for Cityhold’s property investment strategy.”

Kübler added that Cityhold was planning to invest further in Germany.

The firm made its first investment in the country in February this year, buying a multi-let, 15,000sqm Munich office property from IVG Institutional Funds.

Set up in 2011, Cityhold diversifies AP1 and AP2’s combined real estate allocations. 

Cityhold invested half its current allocation of €1.2bn in three London properties in 2012.

In January, Per Sjoberg, chief executive of Cityhold Property, said offices in transparent and liquid markets were favoured, with the firm focusing on modern buildings in locations with good transportation links. 

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