Swedish listed real estate company Hemfosa has agreed the acquisition of a portfolio of 51 properties in Sweden from Starwood Capital Partners and local operating partner Scius Partners for SEK 3.6 bn (€350 mln).
The portfolio consists of offices, warehouse space and logistics assets encompassing around 460,000 m2.
Starwood Capital Group, via a controlled affiliate of Starwood Global Opportunity Fund X (SOF X), acquired the assets as part of the SveaReal portfolio in Sweden and the DNB NOR Eiendomsinvest I in Norway, which at a total of €1.2 bn was the largest transaction in the Nordics in 2015.
'We are pleased that we have succeeded in repositioning this diverse portfolio which at acquisition consisted of office, hotel, retail and warehouse/logistics assets into a well-managed and well-performing warehouse/logistics portfolio for which Hemfosa, as an institutional buyer, is the most natural long-term owner,' said Richard Vaaje, senior vice president at Starwood Capital Group. 'Sweden and the Nordic region remains a core focus area for us and we are pleased with the value we have unlocked for our investors with the acquisition, management and now divestment of the majority of the Swedish portfolio.'
'During our ownership we have by actively investing into the portfolio increased occupancy, lettable area, lease terms and rental levels,' added Mikael Freudmann, CEO of Scius. 'In addition, we have initiated planning for more than 200,000 m2 residential building rights in Västerås, Stockholm and Lund.'
Pangea Property Partners served as financial and M&A advisor to Starwood in connection with the transaction.
The transaction is expected to close in September 2018.