Patrizia sells Swedish section of newly acquired €900m resi portfolio

German investor Patrizia Immobilien has offloaded 630 Swedish apartments that it acquired as part of a €900 mln portfolio in May.

Lernstenen Invest, based in Sweden, has acquired the properties in the university city of Umea, which have a total floor space of around 35,000 m2. Both parties agreed not to disclose the sale price.

The remaining properties in the Hyresbostäder i Sverige III Gul AB real estate fund, which comprises more than 14,000 apartments in total, are based in Berlin, where 5,000 units are located, and the German metropolitan regions of Munich, Stuttgart, Frankfurt am Main, Cologne, Dusseldorf and Hamburg.

Patrizia announced at the time of purchase that it saw the residential portfolio as a bridge investment that it would make available to its clients and third parties.

'This placement process has begun successfully with the sale of the Umea portfolio and will be continued systematically over the next 12 to 18 months,' says CFO Arwed Fischer.