Hemfosa Fastigheter, a Stockholm-listed real estate investor backed by pension funds, has acquired the remaining 50% stake it did not already own in the Kronfastigheter portfolio valued at SEK 1.3 bn (€140 mln).
Hemfosa Fastigheter, a Stockholm-listed real estate investor backed by pension funds, has acquired the remaining 50% stake it did not already own in the Kronfastigheter portfolio valued at SEK 1.3 bn (€140 mln).
Hemfosa is buying the 50% stake in the portfolio from Crown Nordic Management. The package, which includes 26 commercial assets ranging from community-service properties and office buildings to logistics assets in southern and central Sweden, encompasses a total of 140,000 m2 of leasable space.
The properties are located in southern and central Sweden in cities such as Sundsvall, Gävle, Enköping, Stockholm, Vallentuna, Sigtuna, Norrköping, Linköping, Motala and Uddevalla. The properties in Stockholm, Gävle and Uddevalla account for 70% of the property value.
Hemfosa initially bought a stake in the portfolio in December 2013 with the launch of the 50-50 Hemfosa Kronfastigheter Holding joint venture.
'We are delighted that Hemfosa, following one year of joint development and streamlining of the portfolio together with Crown Nordic Management, can now exercise the option to acquire the remainder of Kronfastigheter. The properties are an ideal fit for Hemfosa’s growing property portfolio both geographically and strategically,' commented Jens Engwall, CEO of Hemfosa Fastigheter.
Hemfosa is a Swedish listed real estate company with SEK 20.5 bn of commercial assets at end-September 2014. It was founded in June 2009 to invest in commercial real estate in Sweden. Its major backers are the fourth national pension fund (AP 4) as well as private pension funds and insurance companies.
