Stockholm-listed property company Victoria Park, which is majority-owned by German landlord Vonovia, has purchased 2,340 apartments in Sweden from local residential investor Akelius for SEK 4,700 mln (€455 mln).
Akelius said that the deal represented a price of SEK 25,000 per m2.
2,141 of the apartments are located south of Stockholm, in the town of Haninge, while 199 are situated south of Gothenburg in Mölndal.
The apartments were constructed between 1968 and 1976.
Akelius' CEO Pål Ahlsén said proceeds from the sale would be used to reduce the company's leverage. 'We strive for an improved credit rating,' he said, adding: 'The ambition is to achieve BBB+ or better. From year 2020 loan-to-value shall be lower than 40%.'
The deal is conditional upon approval by the Swedish competition authorities, with closing planned for April 2019.