TIAA-CREF has entered a strategic partnership with two Swedish pension funds to invest in European property.

Two of Sweden’s state pension funds, AP1 and AP2, and New York-based TIAA-CREF have agreed to create a company with more than 4 billion euros ($4.6 billion) to invest in European office property, according to a statement published on Wednesday. The joint venture will include Cityhold Property AB, already owned by the funds and valued at 2.2 billion euros.

TIAA-CREF, which has already teamed up with Norway’s sovereign wealth fund to target joint real estate purchases, and the AP funds will own 258,000 square meters (2.8 million square feet) of office space in “prime locations” in the U.K., France and Germany, according to the statement.

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