CBRE Global Investors has invested an undisclosed amount to forward fund a 200-apartments project in Sweden.
The $114.5bn (€93bn) global real assets manager said, on behalf of one of its pan-European funds, it has agreed the forward funding and acquisition of the 10,005sqm private rented sector development in Ursvik Sundbyberg, Greater Stockholm from Magnolia Bostad. The project is due for completion in 2023.
Andreas Norberg, head of investment operations, Nordics, CBRE Global Investors said: “This was a rare opportunity to acquire a high-quality build-to-rent development in a compelling location.
“The chronic undersupply of rental accommodation in Stockholm, combined with ongoing population growth and the strong fundamentals of the Ursvik market, means that this asset is anticipated to be income-producing from the point of completion, with attractive prospects in the long term due to Sweden’s highly institutional PRS market.”
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