Swedish property firm Victoria Park has announced the acquisition of a residential portfolio consisting of 1,938 apartments for a total investment of SEK 1.8 bn (€190 mln), reflecting an initial yield of 4.6%.
The assets, which are mostly located in the Swedish cities of Malmö and Karlskrona, provide a lettable area of 138,000 m2, with the deal reflecting a value of SEK 13,000 per m2. The portfolio is fully let.
'This is our largest deal ever,' commented Victoria Park's CEO Peter Strand.
He added: 'This is an important and strategic operation for Victoria Park in a partly new geographic market. Through this transaction we take another major step towards our goal of managing at least 1 million m2.'
The deal lifts Victoria Park's total portfolio to SEK 10.3 bn over 900,000 m2 of lettable area distributed across 11,400 apartments.
Fredersen Attorneys, PWC and Ungmark Asset Management acted as advisor in the transaction.
