CBRE Investment Management is acquiring a 16,874sqm residential asset Sweden’s capital from Sveaviken Bostad.

The global real assets investment manager said it has agreed to buy the new residential asset in Barkarbystaden, Stockholm on behalf of one of its funds.

IPE Real Assets understands that the manager is paying around €73m to buy the fully-let asset, which includes 350 affordable residential units, 105 garage units and 2,547sqm commercial area on the ground floor.

Barkarbystaden is one of the largest urban development projects in northern Europe and is expected to be fully completed in 2035. Once developed, the district will hold 14,000 homes, 10,000 workplaces, schools, and commercial and retail space. 

Jenny Nygren, Nordics transaction manager at CBRE IM, said: “This was a fantastic opportunity to acquire a grade-A asset in a truly exciting development. Not only this but the development’s emphasis on affordability aligns perfectly with the goals and values of this investment strategy.

“Our previous track record and timing ambitions gave us a clear case to Sveaviken Bostad. Through this acquisition, we hope to be able to collaborate with them further in the future.”

Jenny Tuleby, the head of transactions and investment operations for the Nordics at CBRE IM, said: “This acquisition supports CBRE IM’s growth ambitions in the Nordics. The state-of-the-art, affordable asset adds to our Nordic footprint as well as strengthens our position as we continue to grow our residential investor and operator platform in EMEA.”

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