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Oaktree to acquire majority stake in 6B Swedish-kronor mixed-use project

Oaktree Capital Management LP agreed to buy an 80% stake in the 95,000-square-meter Karlatornet mixed-use property project in Gothenburg, Sweden, valued at more than 6 billion Swedish kronor.

Seller Serneke Group AB will remain a shareholder in the asset and will continue to act as main contractor for the construction.

The parties will co-own and jointly develop the project, which will have more than 600 residential apartments, a 300-key Clarion Choice Hotel, and more than 8,000 square meters of office and retail spaces, among other amenities.

The transaction is expected to close during the first months of 2020, subject to finalization of senior financing and transaction documentation and customary conditions.

Pangea Property Partners and Setterwalls Advokatbyra advised Serneke.

As of Jan. 16, US$1 was equivalent to 9.50 Swedish kronor.