A newly created joint venture between CBRE Global Investors and Eriksson & Ekberg is forward funding two apartment buildings in Sweden.
The duo have formed Mästerbo Fastighets venture – a partnership between the CBRE Europe Value Partners 2 (EVP 2) fund and Estea – and have acquired the residential assets from Bonava for an undisclosed sum.
The assets, located in the Greater Stockholm municipality Sigtuna and the city of Lund, will comprise of 381 units across 18,000sqm residential gross leasable area.
CBRE GI said construction has already commenced in Lund with completion expected in the third quarter of next year, with the Sigtuna asset due to commence construction in the third quarter of 2020 and completion expected in the first quarter of next year.
Christina Forrest, fund manager, CBRE Global Investors European value-add fund series, said: “The Estea Swedish residential venture represents an opportunity to further diversify EVP 2’s portfolio with exposure both to the residential sector and to the Nordic region.
“We are confident that the experience and network of Estea will support us in unlocking further value and sourcing future acquisitions.”