pbb Deutsche Pfandbriefbank has provided a 5-year loan of €150.4m (SEK 1.44bn) to Heimstaden Bostad for the financing of an acquisition of four newly built and two newly refurbished residential properties in Stockholm. Pbb acted as agent and sole lender.
The portfolio encompasses 57,000 m² residential area which corresponds to over 1,100 apartments. All of the assets are located in fast-growing parts of Stockholm (Racksta, Flemingsberg and Haninge) with very good access to public transport.
The transaction financed by pbb is a part of a larger deal where Heimstaden Bostad acquires properties from Heimstaden AB, Fredensborg A/S and Alecta. Heimstaden is one of the largest residential real estate companies in the Nordics and acquires, develops and manages real estate in Sweden, Norway and Denmark.
Norbert Muller, Head of Real Estate Finance Continental Europe West at pbb Deutsche Pfandbriefbank, said: “Residential properties in Stockholm are an attractive asset class with high demand from tenants. Due to the continued growth of Stockholm as well as Sweden, the Nordic region remains a key strategic market for pbb. We are also very pleased to build a relationship with Heimstaden.”
