Swedish housing specialist Realy Bostad has secured SEK 740 mln (€64 mln) in financing from Cheyne Capital for two build-to-rent multifamily housing developments in the country.
The schemes comprise Tornérparken in Stockholm and Kv Atlas in Gothenburg. The financing will be used for the development of 428 energy-efficient residential units and street-level commercial spaces, scheduled for completion and occupancy in late 2026.
For Cheyne, the deal, on which it partnered with TEAL Capital, marks its entry to the residential development market in the Nordic region.
Managed by Realy Bostad, the projects will comply with Miljöbyggnad Silver certification standards, ensuring high energy efficiency and environmental performance.
‘Securing this financing demonstrates our capability to deliver sustainable, high-quality housing during a challenging market environment with few new construction starts. Sweden’s multifamily rental sector remains a compelling investment opportunity, and this transaction underscores continued support for our vision to deliver quality homes across Sweden,’ said Oscar Perers, chief financial officer, Realy Bostad.
‘Partnering with Cheyne Capital further underscores our focus on managing international capital in Sweden. Their expertise and flexibility make them an ideal partner as we continue to scale our portfolio,’ added Perers.
Daniel Schuldes, co-head of European real estate at Cheyne Capital said: ‘We’ve been increasing our focus on Nordic real estate lending over the past few years, but have been waiting for the optimum opportunity to enter the region’s undersupplied residential market.
‘We are confident that this development is just that, and we’re excited to be partnering with Realy Bostad, which has proven itself as a capable local developer and operator, well positioned to deliver high-quality local property development and management.’
‘We are proud to have tailored a financing solution for the construction of attractive new housing, a segment with a robust credit profile underpinned by strong market and demographic fundamentals,’ said Jakob Dahlstedt, founding partner at TEAL Capital.
Realy Bostad is backed by Matter Real Estate, which says it is ‘fully committed’ to the firm’s long-term mission to create energy-efficient, high-quality housing. ‘This latest milestone underscores their leadership and execution capabilities, and we are proud to support them on this journey,’ said David Christie, CEO, Matter Real Estate.
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