Allianz invests $871 mln in Heimstaden's Sweden property portfolio

Akelius Residential Property AB (publ)

22/12/2021 22:55

Dec 22 (Reuters) - Allianz Real Estate said on Wednesday it
had invested 7.9 billion Swedish crowns ($870.88 million) in
Heimstaden Bostad's  HEIMpref.ST  portfolio of properties in
Sweden that it recently acquired from its rival Akelius
Residential Properties  AKELd.ST .  
    The agreement will form a joint venture on the 30.4 billion
Swedish crown portfolio, which includes 3,377 homes in Malmo and
5,932 homes in Stockholm, the asset manager said in a statement.
    Allianz Real Estate, on behalf of insurer Allianz  ALVG.DE ,
said the joint venture will be funded with equity, as well as a
debt facility from Heimstaden.    
    Heimstaden in September agreed to buy Akelius' 599
properties in Germany, Denmark and Sweden for 92.5 billion
Swedish crowns ($10.6 billion), following a string of smaller
portfolio acquisitions this year across northern and central
Europe.  urn:newsml:reuters.com:*:nL1N2QT0CX

($1 = 9.0713 Swedish crowns)

 (Reporting by Vishal Vivek in Bengaluru; Editing by
Ramakrishnan M.)
 ((Vishal.Vivek@thomsonreuters.com;))