Patrizia has purchased a residential growth undertaking in Sweden from property fund supervisor Slättö for €100m.
The event, in Malmö within the suburb of Hyllie, is scheduled to finish within the fourth quarter of subsequent 12 months and can ship 427 residential items comprising one to four-bedroom flats for lease, Patrizia mentioned.
Following the deal, Patrizia’s Sweden property portfolio quantities to €400m in managed property with the residential sector representing round 20% of the portfolio.
Jörg Laue, head of transactions for Patrizia within the Nordics, mentioned: “The items can be completed to a excessive customary and can assist meet the rising demand for contemporary flats in Malmö.
“We proceed to search for alternatives to develop our publicity to the residential sector in Sweden, significantly round Stockholm, Malmö, Gothenburg.”
Johan Lagerdahl, nation supervisor and head of asset administration for Patrizia in Sweden, mentioned: “The defensive profile of the Swedish residential sector signifies that we will ship safe and secure revenue to our buyers.
“The market is underpinned by beneficial supply-demand dynamics, as a result of a rising city inhabitants and restricted availability of appropriate housing.”
To learn the digital version of the most recent IPE Actual Property journal click on here.