Wallenstam restructures in UppsalaPublished 7/12/2021
Wallenstam has entered into an agreement on the sale of two existing properties and a project property in Uppsala to Aberdeen Standard Investments Pan-European Residential Property Fund (ASPER).
The three properties Gränby 9:6, Sala Backe 47:1 and Kvarngärdet 71:1 are being sold through company transactions for an agreed property value of SEK 1,070 million in total.
After the sale, Wallenstam owns one commercial property in central Uppsala and two residential properties in Rosendal, about 300 apartments in total. An ongoing project in Rosendal involving 156 apartments will be completed during fall 2021 and a further two projects involving about 450 apartments in total, in Rosendal and in Eriksberg, are being planned.
"The property sector is capital-intensive and through this sale we will release capital that we can use for future investments. We are investing about SEK 3-4 billion each year in new production, and of course we will also continue to invest in Uppsala as previously planned," says Hans Wallenstam, CEO.
Both of the existing properties that are now being sold were constructed by Wallenstam in 2017 and are fully let residential properties with a smaller element of commercial premises. The property Gränby 9:6 with the address Bruno Liljeforsgatan 62-64, 68/Råbyvägen 63 A-D comprises about 6,800 sq m including garage while the property Sala Backe 47:1 with the address Johannesbäcksgatan 49-59 comprises about 9,400 sq m including garage. These properties, with about 250 apartments in total, will be vacated on September 1, 2021.
The project property Kvarngärdet 71:1 with the project name Bersån is scheduled to be vacated on November 1, 2023 after approved final inspection and final clearance. Under the agreement, Wallenstam will construct the property and rent it out before the vacation date.
ASPER is an open-ended, core fund with assets of more than EUR 1 billion. The investors in the fund are mainly institutional investors. The focus is on delivering income and capital growth. The fund invests in modern, high quality residential blocks in major cities throughout Europe. A great emphasis is placed on sustainable construction. In Sweden, ASPER already owns residential properties in Stockholm and Gothenburg. ASPER was represented by DEAS Asset Management.