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.

The Kefren mandate follows Valad's recent appointment by European 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, Helsinki and Copenhagen, with a total of 50 people. “Our priority for this portfolio will be to protect and increase rental income, reduce void levels, reduce running costs, execute capital improvement projects and prepare for a progressive disposal program,” said Michael Bruhn, Valad Head of Nordics.