Swedish investor Willhem has agreed to buy more than 4,000 rental apartments in the west of Sweden in a SEK5 bn (€538 mln) deal.
The portfolio of 119 properties has been acquired from Gothenburg-based landlord Akelius and makes Willhem one of the largest housing companies in Sweden, with total assets valued at €23.2 bn.
The new assets comprise 4,302 apartments, including around 1500 apartments in Borås, 1100 in Gothenburg and others in Skövde, Trollhättan, Lysekil and Karlstad. The total lettable area is 309,000 m2.
The deal increases the value of Willhem's portfolio by 27%, with 22,800 apartments in 13 locations.
CEO Mikael Granath said: 'It's great that we can grow significantly in the existing portfolio that Boras and Gothenburg area while we expand in new locations, such as Trollhättan and Skövde.'
Willhem is also taking on Akelius's staff in Trollhättan and Skövde. The acquisition is subject to regulatory approval and closing will take place at the end of September.
