Swedish pension firm Alecta has provided forward funding for a residential project near Stockholm to be developed by private construction company Wästbygg.
Swedish pension firm Alecta has provided forward funding for a residential project near Stockholm to be developed by private construction company Wästbygg.
The project, located south of Stockholm in Haninge municipality, was acquired for SEK 430 mln (€48 mln).
It comprises 222 apartments across 13,500 m2 and is scheduled to be completed in 2015.
International real estate advisor Savills advised the vendor.
'We are happy that, together with a professional and experienced investor such as Alecta, we are able to develop and contribute additional rental apartments in the Stockholm region,' said Pero Popovski, CEO at Wästbygg Projektutveckling Stockholm.
Johan Bernström, head of investment at Savills Sweden, added: 'This project will help to address the sustained high demand for good quality residential stock in and around the city of Stockholm.'
