Wallenstam has sold two residential assets and a development project in Uppsala, Sweden, to Aberdeen Standard Investment's Pan-European Housing Fund ASPER.
Savills was an adviser to Wallenstam in the deal.
The three properties Gränby 9: 6, Sala Backe 47: 1 and Kvarngärdet 71: 1 transacted for a total of SEK 1,070 million (c.€105m).
Kvarngärdet 71: 1 is a development project, planned for delivery on 1 November 2023.
Gränby 9: 6, at Bruno Liljeforsgatan 62-64, 68 / Råbyvägen 63 A-D comprises approximately 6,800 sq.m of space while Sala Backe 47: 1, Johannesbäcksgatan 49-59, comprises approximately 9,400 sq.m. These properties, with a total of 250 apartments, will be available on 1 September 2021.
Following the sale, Wallenstam continues to own a commercial property in central Uppsala and two residential properties in Rosendal of 300 apartments. An ongoing development project in Rosendal with 156 apartments will be completed in autumn 2021 and two more projects with 450 apartments, in Rosendal and in Eriksberg, are planned.
“The real estate industry is capital intensive and through these sales we are releasing equity that we can use for future investments. We invest about 3-4 SEK billion per year in new developments, and we will also continue to invest in Uppsala as previously planned,” says CEO Hans Wallenstam.
Niklas Samuelsson, CEO, Savills Sweden, says: “The Swedish residential market has been booming for a number of years due to supply/demand fundamentals and its attraction as a safe haven in Europe. As a result, we are seeing more and more international investors looking to get a foothold in the market.”