AP7, AMF form JV for Stockholm Urban Escape project

Sweden’s AP7 pension fund and the occupational pensions company AMF have formed a joint venture to take ownership of the Urban Escape city block in central Stockholm.

AMF’s project, Urban Escape, includes five houses, four streets, two squares and the Gallerian shopping center in central Stockholm, according to architecture firm Studio Stockholm, which was commissioned to create a new entrance concept for the project. This new urban space consists of 130,000 square meters (1.4 million square feet) where innovation, knowledge and creativity determine how the neighborhood is rebuilt and developed.

AP7 is acquiring about 33 percent of the new joint company, which corresponds to approximately SEK 7.4 billion ($725 million) in property value. AMF remains as majority owner, and AMF Fastigheter will continue to be responsible for the development and management of the city block.

“We are very pleased to be able to make our first investment in one of Stockholm’s