Peab acquires 50% of Balder Fourteen for EUR 30m

Swedish construction and civil engineering group Peab has acquired 50% of Balder Fourteen from Property AB Balder for a total investment of SEK 270 mln (EUR 30 mln).

Balder bought the assets at the beginning of the year from Catena and is now divesting a half share in the properties with the aim of forming a joint venture with Peab to develop the portfolio further. Peab's acquisition is based on the same property value as Balder's acquisition from Catena.

Balder Fourteen contains 25 commercial properties with a value of SEK 1.6 bn. The portfolio is in good locations in Sweden and offers interesting exploitation and development opportunities.

'The acquisition must be viewed in the light of Peab's strategy to invest in real estate development. By taking a more active part of the property's development, we can learn more about our property-owning end-customers' needs and desires,' said Peab's managing director Mats Paulsson.