Victoria Park and Trianon Acquire Housing Units in Malmö for EUR 80M

Sweden Sweden Victoria Park and Trianon have signed an agreement to acquire a property portfolio of 722 flats and a small number of commercial premises, with a total lettable area of approximately 47,700 square metres. The properties are located in Lindängen, Malmö, and the acquisition will take place for an underlying property value of MSEK 795 (EUR 80M). The seller is Willhem and possession is due to be transferred on 1 March 2018.

2017-12-15

Share via e-mail

“It is gratifying to carry out this transaction together with Trianon. We already have a significant share of our total portfolio in Malmö, which provides us with efficient and scalable property management,” says Victoria Park’s CEO Peter Strand.
 
The portfolio, which has been partly renovated in recent years, is fully leased. The acquisition will take place in company form and is based on an underlying property value of MSEK 795 (EUR 80M), where the preliminary purchase consideration for shares totals approximately MSEK 551 (EUR 55M), of which Victoria Park will pay about MSEK 231 (EUR 23M) and Trianon aboutM SEK 320 (EUR 32M). Both Victoria Park and Trianon will finance the acquisition with existing cash and by raising new loans, in accordance with company policies. Possession is scheduled for 1 March 2018 when the purchase consideration is to be paid.
 
The acquired company will, after possession, be divided and Victoria Park and Trianon will consolidate their respective parts. Victoria Park will be a long-term owner of almost 300 flats and Trianon of just over 400 flats. The property value is broken down into MSEK 462 (EUR 47M) for Trianon’s share, corresponding to approximately SEK 16,900 (EUR 1,700) per square metre, with an average residential rent of about SEK 1,350 (EUR 136) per square metre. Victoria Park’s share has a property value of MSEK 333 (EUR 34M), corresponding to approximately SEK 16,400 (EUR 1,650) per square metre, with an average residential rent of about SEK 1,200 (EUR 121) per square metre. The division is expected to be complete by 31 March 2018.
 
“The properties are located close to our existing property portfolio at Lindängen in Malmö, and we view this as a strategic opportunity to increase our presence in the area and will offer further efficiencies in our property management. We are delighted to conduct this acquisition together with Victoria Park. It will strengthen the continued development process in the area,” says Trianon’s CEO Olof Andersson.
 




Axel Ohlsson
axel@nordicpropertynews.com




Why Pandox Reject the Swedish Market

Sweden Sweden With the completion of another major British hotel purchase Pandox CEO Anders Nissen tells Nordic Property News why the Swedish market is not an alternative for Pandox at the moment and his views of the European markets.


Corem Acquires from Stendörren

Sweden Sweden Corem buys 19,100 square meters in Veddesta, Stockholm, from Stendörren for MSEK 325.

Akelius Lowers the Risk

Sweden Sweden Akelius adjusts the finance policy. The new policy highlights the ambition to have a credit rating of BBB+ or better. The credit rating shall be minimum BBB.

Victoria Park Makes First Purchase After Vonovia Takeover

Sweden Sweden Per Ekelund, CEO at Victoria Park, tells Nordic Property News about the first acquisition since Vonovia's entry: “Hoping for more.”

Castellum Sells to Stendörren

Sweden Sweden Castellum is selling a portfolio consisting of eight properties in the Bäckby industrial area of Västerås to Stendörren. The properties comprise a total of nearly 41,500 sq.m. of office, warehousing and industrial premises. Sales price amounts to MSEK 313 (EUR 30M).


Niam Appoints Director

Sweden Sweden Niam has appointed Christian Ekberg Director, Acquisitions.

Dutch Company Launches New Retail Concept to Take International Players to Sweden

Sweden Sweden Dutch Brandspot launches new retail concept to take international players to Sweden. CEO Ilona Tailade tells Nordic Property News of the new way to take international retailers to the Swedish market – and why they have chosen to start in Gothenburg instead of Stockholm.

Willhem Purchases for EUR 46M

Sweden Sweden Willhem is expanding their portfolio in Stockholm by acquiring residential in Täby, Stockholm, from SSM.

SBB Acquires Saab Kockum's HQ

Sweden Sweden SBB has acquired Saab Kockum's HQ in Karlskrona. SBB are looking to turn the office building into a school.

”Swedish Companies Act Too Cowardly”

Sweden Sweden Why does Rutger Arnhult head towards the American market and why does he believe Swedish companies act too cowardly?