German property investor Patrizia has acquired a residential development project in Malmö, Sweden for around €100 mln.
The vendor is Slättö, a real estate fund manager specialising in the Swedish market.
Scheduled to complete in Q4 2021, the development will provide 427 residential units comprising one to four-bedroom apartments for rent. The building will also receive Green Building Silver certification from the Swedish Green building council.
The development is located in Hyllie, a residential and commercial district in the south of Malmö, in close proximity to the Emporia Shopping Centre and public transport links.
Johan Lagerdahl, country manager and head of asset management for Patrizia in Sweden, said: ‘The defensive profile of the Swedish residential sector means that we will be able to deliver secure and stable income to our investors. The market is underpinned by favourable supply demand dynamics, due to a growing urban population and limited availability of suitable housing.’
Patrizia was advised on the deal by Jones Lang LaSalle (commercial) and Cederquist (legal).
The company’s property portfolio in Sweden now totals €400 mln in value with the residential sector representing around 20% of the portfolio. Patrizia’s Nordic exposure totals more than €1.7 bn of AUM.
