German property group Patrizia has acquired a residential development near Stockholm, Sweden, for €62 mln from Scandinavian Property Group (SPG), on behalf of a pan-European residential strategy.
Located in Vegastaden, 18km south of Stockholm, the property is a 10,600 m2 development comprising 189 modern apartments across two buildings, as well as a commercial unit on the ground floor that is leased to ICA, a well-known food retailer. The building will be completed in January 2022.
‘This transaction presented us with a good opportunity to acquire a high quality, modern asset that benefits from excellent transport connectivity providing easy access to central Stockholm. Vegastaden is an excellent location and we continue to look for new opportunities in Sweden,’ said Johan Lagerdahl, country manager and head of asset management at Patrizia Sweden.
Jörg Laue, head of transactions Nordics at Patrizia, commented: ‘In the last years, we have established a strong presence in the Nordics and have built a significant portfolio of quality assets across a range of sectors. Patrizia is an established leader in the residential sector and we look forward to making further residential acquisitions in Sweden as its defensive and stable income profile will help deliver reliable returns to our investors.”
Patrizia currently has funds and mandates of over €11.5 bn in the residential sector.
Its Nordics exposure stands at more than €1.7 bn AUM.