Swedish real estate company Revelop, formerly Profi, has completed eight acquisitions involving a total of 17 commercial properties with a combined lettable area of 85,000 m2 for SEK 850 mln (€84 mln).
The company, which earlier this year closed its fifth value-add fund with equity of SEK 2.1 bn, said that the assets offer redevelopment opportunities and are located mainly in the the Gothenburg and Malmö metropolitan areas.
The assets are mostly for industrial use (50%), mixed-use (30%) and offices (20%). Revelop will seek to transform some of the assets into affordable housing as well as flexible offices.
‘In line with our long-term strategy, the acquired properties give us the opportunity to reposition properties in an environmentally conscious way and thereby contribute to a more sustainable society. We will invest significantly and take the properties “from brown to green,’ said Thomas Sipos, CEO of Revelop.
Revelop announced earlier in May that the company had secured SEK 2.1 bn (€207 mln) of new capital for its fifth value-add fund. Following the latest acquisitions, Revelop said that it has firepower for another SEK 4 bn of acquisitions.
Founded in 2004, the firm focuses on Sweden's three largest metropolitan areas.
