Swedish private equity real estate firm Sveafastigheter has sold a hotel and convention centre in the city centre of Växjö, Sweden. The buyer is the AXA REIM-managed EUR 500 mln Alternative Property Income Venture (APIV) fund. The transaction price amounts to SEK 139 mln (nearly EUR 15 mln).
Swedish private equity real estate firm Sveafastigheter has sold a hotel and convention centre in the city centre of Växjö, Sweden. The buyer is the AXA REIM-managed EUR 500 mln Alternative Property Income Venture (APIV) fund. The transaction price amounts to SEK 139 mln (nearly EUR 15 mln).
The property was held by the Sveafastigheter-managed fund AEVS Sverige 1, and comprises 11,400 m2 of lettable area. It is fully let with long leases to the municipality of Växjö and Elite Hotels. The transaction follows APIV's acquisition of two police stations for SEK 348 mln in Kalmar and Västervik in January 2010.
Separately, Sveafastigheter said that it has opened new offices in the Finnish capital and in the Swedish city of Malmo. The Finnish office will be led by Patrick Gylling, who previously held management positions at MSREF and at HGR Property Partners, one of Sveafastigheter's local partners in the Finnish market. The new office openings come hard on the heels of the closing in April of Sveafastigheter's third fund, Sveafastigheter Fund III.
The vehicle, which has a total target equity size of EUR 400 mln, will primarily focus on investments in Sweden and Finland, and secondarily on acquisitions in Norway and Denmark.
