The First and Second Swedish National Pension Funds' new joint property investment company will operate under the name Cityhold Property AB and be headed by Per Sjöberg, a former managing director of CLS Holdings in London.

Cityhold Property will be operated in cooperation with Catella, which will assist the company with resources and expertise under a long-term management agreement. Senior personnel have now been appointed in Sweden and on the key markets in Europe.

The newly formed company will focus on long-term investments in commercial properties in prime locations in major cities in Europe. 'I am very proud to have been appointed to build up a diversified property portfolio with stable cash flows on behalf of the First and Second Swedish National Pension Funds. I'm also proud of the strong team of employees that we have put together, possessing long and broad experience of the European markets,' said Sjöberg.

Cityhold Property's other senior personnel comprise Andrew Smith, (Investment Manager), Sir Julian Berney (Asset Manager, London), as well as Christophe Murciani, (Asset Manager, Paris) and Robb Simpson (investment analyst). Recruitment of a few additional key employees, for example in the German market, is under way.