CBRE GI and Estea invest in Swedish resi market

CBRE GI and Estea invest in Swedish resi market

CBRE Global Investors and Eriksson & Ekberg AB have entered into a programmatic joint venture, Masterbo Fastighets AB, a collaboration between CBRE Europe Value Partners 2 (EVP 2) and Estea ABThe venture has been launched with the forward funding of two residential apartment buildings in Sweden. The seller is Bonava. The purchase price was not disclosed.

 

The assets are located in the Greater Stockholm municipality Sigtuna and the city of Lund, a city located 20km north of Malmo and known for its university and for being a hub for high technology companies. In total, the two assets will comprise of 381 units across 18,000m² residential GLA. Construction has already commenced in Lund with completion expected in Q3 2021, with the Sigtuna asset due to commence construction in Q3 2020 and completion expected in Q1 2022.  

 

Christina Forrest, Fund Manager European Value Add Fund series, said: “The Estea Swedish Residential Venture represents an opportunity to further diversify EVP 2’s portfolio with exposure both to the residential sector and to the Nordic region. We are confident that the experience and network of Estea will support us in unlocking further value and sourcing future acquisitions.”

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