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  • Barings buys resi project for SEK 1.3 billion

    PUBLICERAD 2019-02-01 AV sverrirthor
    UPPDATERAD: 2019-02-01 16:20

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    Global investor Barings Real Estate has acquired a residential development project in Spånga in the outskirts of Stockholm for SEK 1.32 billion from a joint venture owned by FastPartner and fund manager Slättö. The project contains 600 apartments, with a total area of 25,000 sq.m., and is currently in a local planning process. The deal will be closed once the local plan is ratified.

    Slättö and FastPartner created the JV in the spring of 2017 with the aim to convert two industry properties in Spånga into residential apartments. The redevolopment of the land is subject to a local plan which is expected to be ratified during 2019 and in total the total volume of the project is expected to amount to about 80,000 sq.m. of residential housing, of which Barings acquires 40 per cent.

    According to a press release, the buyer will fund the construction process. Wistrand law firm and Bird&Bird have acted as legal advisors in the transaction.

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