Swedish national pension fund AP3, which manages some €32 billion in assets, has entered into a property venture with a Nordic fund manager, following hot on the heels of similar moves by its state counterparts AP1 and AP2.

AP3, which on August 28 confirmed it had returned 6.4% over the first six months of 2015, has struck a deal with Sveafastigheter, a €1 billion property investment specialist managing assets in Sweden, Finland, Denmark and Estonia, to invest in office and retail property in cities across Scandinavia.