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

The Kefren portfolio comprises 150 properties and more than 8.9 million square feet, mainly in office and but also warehouse and retail. Founded in 2006, the portfolio breached loan-to-value covenants in December following a sharp drop in the year-end valuations. “We wanted an investment manager with a strong presence in the Nordic region and the right resources to work through all the complex issues of this large portfolio,” said Kefren Chairman Ole Vagner.

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