Allianz invests $871 million in Heimstaden’s Sweden property portfolio

– Allianz Real Estate stated on Wednesday it had invested 7.9 billion Swedish crowns ($870.88 million) in Heimstaden Bostad’s portfolio of properties in Sweden that it not too long ago got from its rival Akelius Residential Homes.

The agreement will form a joint venture on the 30.4 billion Swedish crown portfolio, which includes 3,377 properties in Malmo and FIVE,932 properties in Stockholm, the asset manager said in a statement.

Allianz Real Property, on behalf of insurer Allianz, said the three way partnership will likely be funded with fairness, besides as a debt facility from Heimstaden.

Heimstaden in September agreed to buy Akelius’ 599 houses in Germany, Denmark and Sweden for 92.FIVE billion Swedish crowns ($10.6 billion), following a string of smaller portfolio acquisitions this 12 months across northern and crucial Europe.

($1 = 9.0713 Swedish crowns)

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