Patrizia Immobilien has sold a portfolio of Swedish apartments one month after the investment manager took over the Hyresbostäder i Sverige III fund, which held €900m of residential assets in Germany and Sweden.

Patrizia’s off-market purchase added 14,000 apartments to its portfolio, with the majority being in Germany.

Lerstenen Invest, a local investor from Sweden, has now bought 603 apartments in the Swedish university city of Umea for an undisclosed price.

Patrizia treated the portfolio as a bridge investment to make available to clients and third parties.

CFO Arwed Fischer said: “This placement process has begun successfully with the sale of the Umea portfolio and will be continued systematically over the next 12-18 months.”

The investment manager is now left with more than 5,000 apartments in Munich, Stuttgart, Frankfurt am Main, Cologne, Düsseldorf and Hamburg, as well regional capitals and metropolitan areas in West Germany.

The portfolio is less than 4% vacant.