CBRE Global Investors has agreed the forward funding and acquisition of a 10,005 m2 PRS development in Ursvik Sundbyberg, Greater Stockholm from Magnolia Bostad. Financial details were not disclosed.
Due for completion in 2023, the project will deliver 200 apartments to Stockholm’s rental market, alongside 73 car parking spaces and 269 m2 of commercial space. The apartments will enefit from an attractive level of fit out and amenities, including washing machines and dishwashers; most will also have a balcony.
‘This was a rare opportunity to acquire a high-quality build-to-rent development in a compelling location,’ said Andreas Norberg, head of Investment Operations, Nordics, CBRE Global Investors, which closed the deal for one of its pan-European funds. ‘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.’
CBRE Global Investors was advised on the transaction by Linklaters. Magnolia Bostad was advised by Wigge & Partners.
