Wallenstam Acquires Sundbyberg, Sweden Property.
23 March 2015 - Swedish property company Wallenstam (STO: WALLB) has acquired the property Freden StA[pilcrow sign]rre 11 in Sundbyberg from Profi Fastigheter through a company, Wallenstam said on Monday.
The transaction comprises a development project in Hallonbergen/A-r with development rights for the possible construction of 600-800 new apartments, and also existing buildings of around 37,000 sq m.
New zoning plans have passed review and are in preparation for adoption. The agreed property value amounts to SEK 493.5m (USD 58.10m) and the transfer will take place on 31 March 2015, the company said.
Sundbyberg is the nation's smallest municipality by area, but in spite of this it has Sweden's most dynamic population growth and its highest rate of residential construction.
Of the existing buildings included in the acquisition, office space constitutes around 64% while the remainder is chiefly retail and warehousing.
Wallenstam manages, builds and develops properties for sustainable living, primarily in Gothenburg and Stockholm. The company's property holding is valued at around SEK 28bn and its tenant base consists of just over 7,600 households and 1,000 businesses.
Sector: Construction/Real Estate
Target: Sundbyberg, Sweden Property
Vendor: Profi Fastigheter
Deal size in USD: 58.10m
Type: Corporate Acquisition
Buyer advisor: , ,
|Printer friendly Cite/link Email Feedback|
|Publication:||M & A Navigator|
|Date:||Mar 23, 2015|
|Previous Article:||Bluerock Residential Growth REIT Acquires North Carolina, USA Apartments.|
|Next Article:||Ares Management, GE Capital JV Back KKR's Acquisition of theTrainline.|