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Heimstaden unit secures 1.4B-kronor loan for Stockholm portfolio acquisition

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Heimstaden unit secures 1.4B-kronor loan for Stockholm portfolio acquisition

A unit of Swedish property company Heimstaden received a 1.4 billion-Swedish-kronor bank loan from Germany's pbb Deutsche Pfandbriefbank to fund its purchase of a residential portfolio in Stockholm, Property Investor Europe reported.

According to the Oct. 17 report, which cited a pbb release, the loan was extended to Heimstaden Bostad and will mature in five years.

The approximately 57,000-square-meter portfolio comprises upward of 1,100 apartment units in the Swedish capital spread over four new buildings and two refurbished properties. The units are in Stockholm's Råcksta, Flemingsberg and Haninge districts.

As of Oct. 17, US$1 was equivalent to 8.16 Swedish kronor.