STOCKHOLM 13 January 2021 – CBRE Global Investors, on behalf of one of its pan-European funds, has agreed the forward funding and acquisition of a 10,005 sq m PRS development in Ursvik Sundbyberg, Greater Stockholm from Magnolia Bostad.
Due for completion in 2023, the project will deliver 200 apartments to Stockholm’s rental market, alongside 73 car parking spaces and 269 sq m of commercial space. The apartments will be an average of 48.4 sq m in size and will benefit from an attractive level of fit out and amenities, including washing machines and dishwashers; most will also have a balcony.
Located approximately 9 kilometres from central Stockholm, Ursvik is a popular residential location that is set to benefit from planned further development in the coming years and a forthcoming tram extension connecting Bromma with Kista.
Andreas Norberg, Head of Investment Operations, Nordics, CBRE Global Investors said: “This was a rare opportunity to acquire a high-quality build-to-rent development in a compelling location. The chronic undersupply of rental accommodation in Stockholm, combined with ongoing population growth and the strong fundamentals of the Ursvik market, means that this asset is anticipated to be income-producing from the point of completion, with attractive prospects in the long term due to Sweden’s highly institutional PRS market.”
CBRE Global Investors was advised on the transaction by Linklaters. Magnolia Bostad was advised by Wigge & Partners.
– ENDS –
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.