Allianz buys into €3bn Swedish residential portfolio in JV with local operator

Allianz Real Estate is joining Swedish residential operator Heimstaden Bostad in a joint venture ownership of a 99-asset Swedish residential portfolio with a gross asset value of €3 billion focused in two of Sweden’s three biggest cities, Stockholm and Malmö.

The joint venture, comprising approximately 9,300 units, presents an over 80 percent increase in Allianz's European residential sector exposure, listed at €3.7 billion at end-September, Allianz indicated.

The sides intend to put in another €120 million in further investments to bring the portfolio in line with decarbonization targets, Allianz said.

"Our renewed interest in the residential sector is a deliberate adjustment to our investment strategy," Annette Kroeger (pictured), CEO North & Central Europe for Allianz Real Estate, said. "The fundamentals in the Nordics are strong, the residential market is well-established and we have actively targeted growth in this region.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.