In 2013, Skandia (formerly Old Mutual) was selected as the new manager of the real estate investment fund “Fondo de Inversión Colectiva Inmobiliario Cerrado Skandia Comprar Para Arrendar-I” (“CPA”) that had been previously established and managed by Interbolsa. That same year, Skandia signed a joint collaboration agreement with Kiruna whereby both firms would share the Fund Manager responsibilities and activities, through the role of Kiruna as Skandia’s real estate advisor. Skandia selected Kiruna because our Managing Partners’ extensive real estate investment fund experience and track record in the market.

At the agreement’s signing, CPA only had 37% of its assets invested in real estate and was, in some aspects, in need of immediate improvement or correction; after 6 years working as the Fund’s co-manager, over 90% of CPA’s assets consisted of real estate (in November 2019). Kiruna made acquisitions for more than COP $450,000 million, which were mainly funded through institutional capital. The acquisitions consisted of high-specification real estate assets in Bogotá, Barranquilla, Cali and Medellín; including stabilized assets, projects under development, and forward purchases. Kiruna was in charge of negotiating all the terms for the acquisition of the assets. In addition, Kiruna commercialized more than 50,000 square meters of office, commercial and industrial spaces owned by the Fund. 

Kiruna co-managed CPA until November 15, 2019. The company decides to voluntarily terminate de co-management agreement with Skandia in order to expand its business lines, in order to manage its own fund (Kiruna Real Estate Fund) and advice real estate vehicles with similar characteristics.