The properties are located in central Malmö and Trelleborg. Steneken Holding is the seller. Possession is preliminarily scheduled for the May 15th 2018.

“We already have just over 1,700 flats in Malmö and the surrounding area, and we want to continue to grow in the region. This transaction is to be seen as a supplement to our existing portfolio with properties in prime locations and it provides us with additional synergies in our property management,” says Peter Strand, CEO of Victoria Park.

The portfolio is fully leased and has a turnover rate in parity with Victoria Park’s existing portfolio.

“The acquired properties are centrally located and all of the flats are unrenovated, which is an ideal complement to our business model of value-creating investments through rolling tax deductions for conversion, renovation and expansion,” says Peter Strand.

The acquisition, which is conditional on the seller demerging current companies, will take place in company form and is based on an underlying property value of EUR 46M.