German lender pbb Deutsche Pfandbriefbank has provided a five-year loan of SEK 1.44 bn (€150 mln) to Heimstaden Bostad for the acquisition of four newly built and two refurbished residential properties in Stockholm.
Pbb acted as agent and sole lender.
The portfolio encompasses 57,000 m2 of residential area which corresponds to over 1,100 apartments, all located in fast-growing parts of Stockholm (Råcksta, Flemingsberg and Haninge).
The transaction financed by pbb is a part of a larger deal where Heimstaden Bostad has acquired properties from property group Heimstaden, Fredensborg and Swedish fund Alecta. Heimstaden Bostad is a residential company which Heimstaden co-owns with Alecta.
'Residential properties in Stockholm are an attractive asset class with high demand from tenants,' said Norbert Müller, head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank. 'Due to the continued growth of
Stockholm as well as Sweden, the Nordic region remains a key strategic market for pbb. We are also very pleased to build a relationship with Heimstaden.'
