Orrick Advises Alecta in $1.7 Billion Portfolio Sale to Blackstone Group

Orrick has advised longtime client Swedish pension fund manager Alecta in the sale of 21 assets in the U.S. to Blackstone Group for $1.7 billion. The portfolio includes about 3 million square feet of office, retail, multifamily and industrial properties primarily in California, as well as states in the Southwest and Northeast.

Founded in 1917, Alecta manages occupational pensions for 2.3 million private customers and 33,000 corporate customers, mainly in the private officials' pension plan. The company has around $85 billion in assets under management.

The Orrick team advising on the sale was led by partner Mike Liever and included assistance from partners Dustin Calkins, Marshall Brozost and Bob Lawrence and associate Ronny Clausner.