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Nordic Update

Victoria Park and Akelius is 4.7 billion SEK deal

Publicerad: 21 december 2018, 12:04

Bild: Riksbanken

Victoria Park has acquired a two separate portfolios consisting of 2,340 rental flats from Akelius for 4.7 billion SEK in the second largest deal of the year in Sweden. 2,140 of the apartments are located in the Stockholm suburb Haninge while the rest are in Mölndal, outside Göteborg.

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NordanöVictoria Park Fastigheter

“This acquisition is our largest to date and is made possible by a strong principal owner. It is a unique opportunity to strengthen our property portfolio and our presence in Sweden’s two largest regions, while offering greater economies of scale in our property management. Furthermore, it also means our goal of a property portfolio of SEK 20 Bn by the end of 2020 has already been fulfilled,” Per Ekelund, CEO of Victoria Park, comments in a press release.

The total lettable area acquired amounts to a little over 180,000 sq.m. and the annual rental income to 125 million SEK.

“The acquired properties are centrally located in their local geography and about two-thirds of the flats are unrenovated, which is an ideal complement to our business model of value-creating investments through rolling ROT,” Per Ekelund continues.

The transaction is structured as a takeover of a subsidiary of Akelius’s and partly financed by Victoria Park’s, partly by raising new loans. Closing is contingent on the approval of the Swedish Competition Authority and expected to take place on April 1st, 2019.

“We aim to improve our rating, our goal is to reach BBB+ or better. The surplus from this sale will be use to reduce our leverage. From 2020 and forward, the LTV will be lower than 40 per cent,” Pål Ahlsén, CEO of Akelius, comments.

Nordanö advised Akelius in the transaction.


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