Patrizia AG has acquired a residential development near Stockholm, Sweden, for €62m from Scandinavian Property Group (SPG), on behalf of a pan-European residential strategy. The property is a 10,600m² development comprising 189 modern apartments across two buildings, as well as a commercial unit on the ground floor that is leased to ICA, a well-known food retailer. The building will be completed in January 2022.
Vegastaden is a thriving town located 18 km south of Stockholm, which provides strong public transport links that connect the property to the capital in less than half an hour by train. In the immediate area, Länna Köpcentrum and Port 73 shopping areas both offer extensive retail and leisure provision.
Johan Lagerdahl, Country Manager and Head of Asset Management at Patrizia Sweden, commented: “This transaction presented us with a good opportunity to acquire high quality, modern asset that benefits from excellent transport connectivity providing easy access to central Stockholm. Vegastaden is an excellent location and we continue to look for new opportunities in Sweden.”
Jorg Laue, Head of Transactions Nordics at Patrizia, commented: “In the last years, we have established a strong presence in the Nordics and have built a significant portfolio of quality assets across a range of sectors. Patrizia is an established leader in the residential sector and we look forward to making further residential acquisitions in Sweden as its defensive and stable income profile will help deliver reliable returns to our investors.”