STOCKHOLM-European multi-let real estate investment managerValad Europe, part of Australian Valad Property Group, has beenappointed by Kefren Properties IX to manage its $611 million realestate portfolio in Sweden for a term of five years.

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The Kefren portfolio comprises 150 properties and more than 8.9million square feet, mainly in office and but also warehouse andretail. Founded in 2006, the portfolio breached loan-to-valuecovenants in December following a sharp drop in the year-endvaluations. “We wanted an investment manager with a strong presencein the Nordic region and the right resources to work through allthe complex issues of this large portfolio,” said Kefren ChairmanOle Vagner.

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The Kefren mandate follows Valad's recent appointment byEuropean Commercial Real Estate, formerly known as Kenmore Europe,to manage its $318 million portfolio across the Nordic Region,Germany and The Netherlands. Valad has offices in Sweden, Helsinkiand Copenhagen, with a total of 50 people. “Our priority for thisportfolio will be to protect and increase rental income, reducevoid levels, reduce running costs, execute capital improvementprojects and prepare for a progressive disposal program,” saidMichael Bruhn, Valad Head of Nordics.

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Valad Europe CEO Marty McCarthy added that the group has thecapability to introduce equity capital into mandated deals of thisnature. Valad Group is a real estate investment manager with aninternational network of local offices managing over of $7.9billion globally.

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AllanSaunderson is a managing editor of Property InvestorEurope and a contributor to GlobeSt.com.

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