Sveafastigheter divests residential properties in Aalborg

STOCKHOLM 26 JANUARY 2016

Sveafastigheter Fund III (”Sveafastigheter”), in co-operation with local asset management partner North Property Asset Management, has divested 42 condominiums in Aalborg, Denmark to Niam Fund VI (“Niam”). The takeover date was on 1 January 2016.

The condominiums, which are of high standard and in excellent micro location facing the Limfjord, were acquired by Sveafastigheter in 2013. In total, the investments in Denmark comprised approximately 300 condominiums, whereof the majority located in Copenhagen. These assets have successively been sold off one-by-one, with the exception of a building complex of 70 condominiums jointly divested in 2015. After the sale to Niam, approximately 50 condominiums in greater Copenhagen remain under management.

Mikael Pehrsson, Sveafastigheter says:
We are pleased to complete the sale of the last remaining assets in Aalborg to Niam following our business plan and generating attractive returns to our investors in Sveafastigheter Fund III, says Mikael Pehrsson at Sveafastigheter.

Sveafastigheter Fund III was launched in 2010 and closed for investments in 2011, with EUR 317 million of equity commitments. The fund is focused on real estate with potential for value creation in Sweden, Denmark, Finland and Estonia. Two out of the original twelve portfolios, Grocery Stores Finland and Högkullen Assisted Living, have been successfully divested.

Catella Denmark and Bruun & Hjejle were the seller’s adviser in the transaction. Plesner advised the buyer.