The new real estate company Willhem has acquired 11,100 rental units in the Swedish cities of Stockholm, Gothenburg, Malmö, Jönköping, Borås, Karlstad and Linköping with an underlying property value of more than SEK 7 billion (approx. 770 million).
The acquisition includes a total of approximately 860,000 m² of real estate, of which 87% is residential. Willhem is wholly owned by Första AP-fonden, Sweden's first national pension fund.
"We have taken the opportunity to make a sound investment in residential properties where we see strong development potential. The investment is consistent with our mission in the pension system, which is to pursue long-term investments with a low level of risk and high returns. Through Willhem, we are building a long-term and responsible real estate company with an ambition to grow," says Johan Magnusson, Managing Director of Första AP-fonden.
The formal transfer of ownership of the properties to Willhem will take place around the turn of the year and the company is expected to have taken over all operating activities by the spring. Property management will be handled using the company's own resources.
"Although we are a new real estate company, our management has longstanding experience of the housing and real estate industry. We take this acquisition very seriously and look forward to establishing good and lasting relationships with all of our tenants," says Mikael Granath, Managing Director of Willhem.
The real estates are owned by customers to Finanshuset Acta. The deal is conditioned on that they approve the deal on general meetings in December and on the approval of the Swedish Competition Authority (Konkurrensverket). Advisors have been ABG Sundal Collier and Pangea Property Partners.
Source: Pangea Property Partners