GE Real Estate has sold a portfolio of 29 properties in Sweden to a new vehicle which GE established with Swedish pension organisations. The properties are located in 15 municipalities across Sweden and comprise 230,000 m[sup]2[/sup] of lettable space. The purchase price was not disclosed, but Swedish media widely reported that the transaction volume was in the region of SEK 2.5 bn (about EUR 233 mln).
GE Real Estate has sold a portfolio of 29 properties in Sweden to a new vehicle which GE established with Swedish pension organisations. The properties are located in 15 municipalities across Sweden and comprise 230,000 m2 of lettable space. The purchase price was not disclosed, but Swedish media widely reported that the transaction volume was in the region of SEK 2.5 bn (about EUR 233 mln).
The portfolio was acquired by Roxann Fastighetsfonds, a new company that will focus on investing in Swedish real estate assets in which government or municipal agencies represent over 80% of the rental income. Roxanne has been financed by third party debt and SEK 750 mln (about EUR 70 mln) of capital from its investors. Roxanne aims to double the size of the portfolio within the next eight years, GE Real Estate said.
The other investors in Roxanne are Folksam omsesidig sakforsakring, KPA Pensionsforsakring AB, Kapan Pensioner Forsakringsforening, Vattenfalls Pensionsstiftelse and Stiftelsen for Strategisk Forskning.
GE Real Estate's Stockholm office will retained by Roxanne as asset manager, and will therefore be responsible for sourcing new deals and managing the existing portfolio.
GE Real Estate had a portfolio of 184 properties in Sweden with a rentable space of approximately 1.4 million last March.
