Savills Investment Management has entered into an agreement to acquire six fully let residential assets in Sweden for its European Living platform.
Swedish listed developer and property company, K2A Knaust & Andersson Fastigheter, is the seller, and the deal was sourced off market.
Marc Gonzalvez, responsible for Euro residential acquisitions, said the price paid was significantly below the levels seen over the last 12-18 months.
Assets are located in the university cities of Uppsala, Västerås and Gävle and have been completed with solar panels, predominantly timber framed buildings, carpools, bike locker rooms, sedum roofs, social common areas, affordable rents and garbage recycling systems among other sustainable characteristics.
All assets will have an environmental certification; “Miljöbyggnad Silver” or “Svanen”, and efficient heating systems including thermal and district heating, being free of fossil fuels.
The buildings in Västerås and Gävle were built between 2019 and 2021 and comprise 359 apartments with a total lettable area of 14,443 m2. The buildings in Uppsala are currently being finalised and will at completion comprise 216 apartments with a total lettable area of 11,366 m2.
Five out of the six properties are built under the investment subsidy system with energy bonuses implying affordable rental levels with low tenant turnover rates. Closings are planned for May for the assets in Västerås and Gävle and December for the assets in Uppsala.
Savills IM was advised by Roschier and the seller K2A will be retained as property manager for the portfolio.
