PATRIZIA AG has acquired a residential development project in Malmö, Sweden, in the attractive suburb of Hyllie from Slättö, a real estate fund manager specialising in the Swedish market, for c.€105m (SEK 1.1 billion).
Scheduled to complete in Q4 2021, the development will deliver 427 modern residential units.
Hyllie is a well-known residential and commercial district in the south of the city. The development is strategically located in close proximity to the Emporia Shopping Centre and benefits from excellent transport links via the nearby Hyllie railway station.
Slättö was advised by Savills.
Niklas Zuckerman, Head of Investment at Savills Sweden, says: “There has been an increasing appetite from foreign investors for Swedish multifamily assets in recent years as they are perceived to generate an attractive risk adjusted return, due to the low vacancy risk.”