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.

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.

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.