SWEDEN - Sweden's third national fund AP3 has invested SEK350m (e38m) in Bergvik Skog, a new independent Swedish forestry group.
The investment is in the form of shares and subordinated notes in Bergvik Skog and amounts to 4.9% of the company’s group equity.
The e15.5bn fund said that the investment was part of its strategy to diversify its holdings of real estate assets. The target weighting for real estate in the fund’s reference portfolio is 8.5% for 2004.
AP3’s real estate holdings previously consisted entirely of equity in AP Fastigheter.
Niklas Ekvall, AP3 deputy CEO, said: “Our analysis shows that timberland is an attractive asset from a return and risk diversification perspective.”
Bergvik Skog will retain existing environmental certifications and sustainable forestry policies under its new ownership. All the group’s forest holdings are certified according to Forest Stewardship Council (FSC) guidelines.
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