CBRE Global Investors enters programmatic JV with Estea

CBRE Global Investors and Eriksson & Ekberg AB have entered into a programmatic joint venture, Mästerbo Fastighets AB, a collaboration between CBRE Europe Value Partners 2 (EVP 2) and Estea AB.

The venture has been launched with the forward funding of two residential apartment buildings in Sweden. The seller is Bonava.

The assets are located in the Greater Stockholm municipality Sigtuna and the city of Lund, a city located 20 kilometers (12 miles) north of Malmö and known for its university and for being a hub for high technology companies. In total, the two assets will comprise of 381 units across 18,000 square meters (194,000 square feet) of residential gross lettable area.

Construction has already commenced in Lund with completion expected in the third quarter 2021, with the Sigtuna asset due to commence construction in third quarter 2020 and completion expected in first quarter 2022.

Christina Forrest, fund manager European value-add fund series