CBRE Global Investors forward funds Stockholm PRS development
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 nine 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, says: “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.