Patrizia has invested around €350 mln in a turnkey residential development in Stockholm County.
Four multi family projects are involved in the deal comprising 879 units across around 47,000 m2 of space. Local Swedish developer, Aros Bostad, is the seller.
The investment has been made for investor clients for its pan European open ended Living Cities residential strategy, taking overall assets close to €2 bn.
Sebastian Dietert, fund manager said: ‘We will not only focus on multi-family schemes for Living Cities but will increasingly diversify into alternative residential assets, such as student accommodation and senior living.’
Living Cities is one of Patrizia’s ESG funds compliant with Article 8 of the EU SFDR. As an ESG fund, Living Cities promotes clear ESG targets, for example by providing 100% renewable energy for all common spaces in buildings and using energy efficient building materials.
