Barings Real Estate has secured six high-quality residential buildings in Stockholm, Sweden through a forward commitment. The buildings will be developed over five phases and will comprise 610 apartments for rent in Bromsten area. The €128m investment is part of the company's pan European core investment strategy on behalf of institutional investors. The seller is a joint venture between Slatto VII and Fastpartner.
The six buildings comprise a mixture of one, two, and three-bedroom units, with an average size of 40m². The apartments will be built to high quality, with on-site car parking for approximately 300 vehicles. Public transportation can easily be reached by the commuter train and bus transfer hub at Spanga Station, which is less than 1 km from the properties. Construction is expected to commence in early 2019 with completion in 2022.
“This is a rare opportunity to access the Stockholm residential rental market with new purpose-built buildings in a strong location. Aside from our usual search profile for office, logistics and retail, residential and student housing are major themes for Barings in 2019, across the Nordics. Forward commitments represent an attractive means of securing good quality stock. This latest transaction continues to broaden Barings presence in the Nordics”, said Staffan Unge, Barings Managing Director and Real Estate Country Head for Sweden.
