Glitnir Bank Luxembourg has acquired a 370,000 m[sup]2[/sup] property portfolio in Sweden from bankrupt Danish company Centerplan Nordic in a deal involving some SEK 2.3 bn (EUR 250 mln) of debt and equity. The portfolio, operated under the name Bovista Invest, comprises mainly residential assets in southern Sweden.
Glitnir Bank Luxembourg has acquired a 370,000 m2 property portfolio in Sweden from bankrupt Danish company Centerplan Nordic in a deal involving some SEK 2.3 bn (EUR 250 mln) of debt and equity. The portfolio, operated under the name Bovista Invest, comprises mainly residential assets in southern Sweden.
The deal was structured and executed by Reviva Capital in cooperation with an unnamed international lender, which provided a senior debt package in support of the acquisition. The transaction follows a lengthy and complex financial and operational restructuring of Bovista Invest that had suffered from the financial collapse of its former owner.
As part of the restructuring, the existing property manager Bovista Sweden will be reappointed to actively manage the portfolio.
Glitnir Bank Luxembourg was advised by Reviva Capital.
