PATRIZIA AG has acquired a residential development near Stockholm, Sweden, for EUR 62 million from Scandinavian Property Group (SPG), on behalf of a pan-European residential strategy.
The property is a 10,600 sq m 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.
From the very beginning of its company history, PATRIZIA has been active in the residential space. The Company currently has funds and mandates of over EUR 11.5 billion in the residential sector.
PATRIZIA’s Nordics exposure totals more than EUR 1.7 billion AUM.
Source : PATRIZIA