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STOCKHOLM, SWEDEN-The Third Swedish National Pension Fund, Tredje AP-fonden (AP3), has purchased a 50% stake in Hemsö, a subsidiary of the real estate company Kungsleden AB. The pension fund now has a holding in 239 properties, a transaction valued at $1.7 billion, according to a report on the IPE Real Estate website.

The deal, which was initially announced in December, will likely complete on May 4, 2009. The majority of the properties are retirement homes, care homes and schools.

In December, AP3 chief executive Kerstin Hessius, said the deal was desirable as the properties were in low-risk, stable long-term sectors. “Return on this type of land is relatively uncorrelated with shares and interest rates, which gives a positive diversification of our portfolio,” she said.

To read the IPE report click here.

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