Barings Real Estate, part of Barings LLC, has acquired six residential buildings in Stockholm for €128 mln through a forward commitment. The vendor is a joint venture between Slättö VII and listed property company Fastpartner.
The buildings will be developed over five phases and will comprise 610 apartments for rent in Bromsten, Stockholm.
'This is a rare opportunity to access the Stockholm residential rental market with new purpose built buildings in a strong location,' said Staffan Unge, Barings managing director and real estate country head for Sweden.
'Aside our usual search profile for office, logistics and retail, residential and student housing are major themes for Barings in 2019, across the Nordics. Forward commitments represent an attractive means of securing good quality stock,' Unge added.
The six buildings comprise a mixture of one, two, and three-bedroom units, with an average size of 40 m2. The development partner is Slättö, a long-term owner, manager and developer of residential property in the growth markets of Sweden.
Barings said the deal was part of its pan-European core investment strategy on behalf of institutional investors.