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Victoria Park buying 2 Swedish residential portfolios for 4.7B kronor

Swedish real estate company Victoria Park AB agreed to buy two residential portfolios comprising 2,340 flats in Sweden from Akelius Residential Property AB for a gross sum of 4.7 billion kronor.

The portfolios feature nine properties, encompassing a total lettable area of a little over 188,000 square meters across 2,140 flats in Stockholm and 200 flats in Gothenburg. The fully leased units collectively generate roughly 250 million kronor of rent per year.

The company, which is now majority owned by Vonovia SE, said it will carry out the deal in company form and use existing cash and new loans to finance the purchase.

The deal is scheduled to close April 1, 2019, subject to approval of the competition authority, according to a release.

Victoria Park aims to manage the portfolios through its own local organization, as well as a new property manager.

CEO Per Ekelund said the company has already reached its goal of boosting its real estate portfolio to 20 billion kronor by 2020-end.

Fredersen Advokatbyrå AB served as legal adviser to the company on the acquisition and financing.

As of Dec. 19, US$1 was equivalent to 9.06 Swedish kronor.