The fund’s real estate portfolio currently includes 67 properties and has a value of approximately €230M. The fund’s profit distribution target is an annual return of 6% for the investors. The fund has exceeded this target each year over the course of its decade-long existence, in spite of the financial crisis of 2008–2009.

According to its strategy, the fund invests in locations with at least 25,000 inhabitants and in properties ranging in size from one to ten million euros. In addition to annual performance, this year’s main focus is on purchases, with the goal of acquiring properties worth around €40M. The most attractive locations are the major provincial cities.

“The fund is capable of offering clear value to investors. The strategy, which focuses on regions outside the Helsinki metropolitan area, gives the opportunity to diversify investments in a way that would not necessarily be possible with the organisation’s own resources. Based on local understanding, the strategy has been successful throughout the fund’s decade-long history, regardless of the highly variable cycles in the surrounding economy”, says Fund Manager Sanna Puhakainen.

The fund’s investors include Finnish institutional and private investors. During the 10 years of APFF’s existence, the number of investors and the size of the investments have varied.

 “In the past, many were skeptical about the idea of an open real estate fund but the model has proven its flexibility over the years,” says Puhakainen. ”At the turn of the year, we received a new commitment in the amount of € 10 million and we believe that the number of professional private investors in the fund will increase once interest in commercial real estate grows”.

“It has been extremely interesting to be involved in creating the Finnish fund business. Ten years ago, we were among the first fund managers and after 2005, we have established several funds in Europe. The funds are and will continue to be a significant part of the 28-billion-euro real estate assets that we manage", sums up Pertti Vanhanen, Aberdeen’s Global Head of Property.