Global private markets investment manager Partners Group has agreed to develop 1,700 apartments in Greater Stockholm worth over €700 mln in a joint venture with SSM, a Stockholm-based residential developer.
The project comprises three separate residential developments, Tellus Towers, Järla Station and Metronomen, all located within a 15-minute train ride from central Stockholm.
'Stockholm is one of Europe's fastest growing cities in terms of population growth. However, housing supply has not kept up with demand and there is a substantial shortfall of residential units across the city,' commented Stuart Keith, vice president, Private Real Estate Europe, Partners Group. 'With this project, we are catering to a fundamental market need and look forward to adding a substantial amount of efficient, modern and affordable housing to the city's real estate market.'
The developments seek to provide small residential units at an affordable price. Tellus Towers will be the largest of the three projects and will include two high-rise residential towers, a hotel, retail space and a preschool over a total floor area of 57,000 m2. At 78 stories, the taller of the two towers is expected to be among the highest residential buildings in Northern Europe.
'In Europe, the residential segment continues to be one of our key focus areas for investment, supported by demographic shifts and continued urbanization,' concluded Mike Bryant, managing director, co-head Private Real Estate, Partners Group.
Completion of the three developments is anticipated between 2019 and 2021.
