Global investment giant CBRE Global Investors and Eriksson & Ekberg have entered into a programmatic joint venture, Mästerbo Fastighets, a collaboration between CBRE Europe Value Partners 2 (EVP 2) and Swedish investment manager Estea.
The venture has been launched with the forward funding of two residential apartment buildings in Sweden from local developer Bonava.
Bonava said that the deal comprised 381 rental apartments covering 18,000 m2 with an underlying property value of SEK 804 mln (€76 mln). These include a project under construction in Lund with 169 units, plus 212 rental apartments in Sigtuna. The latter scheme is conditional on the issuance of a building permit.
Construction has already commenced in Lund with completion expected in Q3 2021, with the Sigtuna asset due to commence construction in Q3 2020 and completion expected in Q1 2022.
Christina Forrest, fund manager of the EVP series, said: 'The Estea Swedish residential venture represents an opportunity to further diversify EVP 2’s portfolio with exposure both to the residential sector and to the Nordic region.
'We are confident that the experience and network of Estea will support us in unlocking further value and sourcing future acquisitions.'
Arctic Securities provided financing advice to Mästerbo, while Linklaters was legal advisor to Mästerbo and Wistrand advised Estea.