Amsterdam, 18/02/20 – CBRE Global Investors and Eriksson & Ekberg AB have entered into a programmatic joint venture, Mästerbo Fastighets AB, a collaboration between CBRE Europe Value Partners 2 (EVP 2) and Estea AB.
The venture has been launched with the forward funding of two residential apartment buildings in Sweden. The seller is Bonava.
The assets are located in the Greater Stockholm municipality Sigtuna and the city of Lund, a city located 20km north of Malmö and known for its university and for being a hub for high technology companies. In total the two assets will comprise of 381 units across 18,000sqm residential GLA.
Construction has already commenced in Lund with completion expected in Q3 2021, with the Sigtuna asset due to commence construction in Q3 2020 and completion expected in Q1 2022.
Christina Forrest, Fund Manager European Value Add Fund series said: “The Estea Swedish Residential Venture represents an opportunity to further diversify EVP 2’s portfolio with exposure both to the residential sector and to the Nordic region. We are confident that the experience and network of Estea will support us in unlocking further value and sourcing future acquisitions.”
Arctic Securities provided financing advice to Mästerbo, Linklaters was legal advisor to Mästerbo and Wistrand advised Estea AB.
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CBRE Global Investors is a global real asset investment management firm with $106.2 billion in assets under management* as of September 30, 2019 . 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 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
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