CBRE Investment Management (CBRE IM), on behalf of a fund sponsored by the firm, has exchanged contracts on a residential asset in Barkarbystaden, Stockholm, Sweden, for an undisclosed price.
The recently completed asset, which totals 16,874 sq m, provides 350 affordable residential units and 2,547 sq m of commercial space on the ground floor.
Barkarbystaden is one of the largest urban development projects in northern Europe and when it is completed in 2035 the district will consist of 14,000 homes, 10,000 workplaces, schools, commercial and retail space.
Jenny Nygren, transaction manager Nordics at CBRE IM, said: “This was a fantastic opportunity to acquire a Grade A asset in a truly exciting development. Not only this but the development’s emphasis on affordability aligns perfectly with the goals and values of this investment strategy. Our previous track record and timing ambitions gave us a clear case to Sveaviken Bostad. Through this acquisition, we hope to be able to collaborate with them further in the future.”
Jenny Tuleby, head of transactions and investment operations for the Nordics at CBRE IM, added: “This acquisition supports CBRE IM’s growth ambitions in the Nordics. The state-of-the-art, affordable asset adds to our Nordic footprint as well as strengthens our position as we continue to grow our residential investor and operator platform in EMEA.”
The deal is expected to close at the end of this month.
