Partners Group announces €700m residential project in Stockholm
Partners Group has agreed on behalf of its clients to develop more than 1,700 residential apartments in the Greater Stockholm area in a joint venture with SSM, a Stockholm-based residential developer. The total value of the completed properties is expected to be in excess of €700 million ($810 million).
“Stockholm is one of Europe’s fastest growing cities in terms of population growth,” said Stuart Keith, vice president, private real estate Europe, Partners Group. “However, housing supply has not kept up with demand and there is a substantial shortfall of residential units across the city. With this project, we are catering to a fundamental market need and look forward to adding a substantial amount of efficient, modern and affordable housing to the city’s real estate market.”
The project comprises three separate residential developments, Tellus Towers, Järla Station and Metronomen, all located within a 15-minute train ride from central Stockholm. The developments seek to provide small, but fully-functional residential units at an affordable price.
“To address rising population densities and higher rents and land prices, cities like London, Frankfurt, Berlin and Stockholm are moving towards the adoption of smaller, more efficient forms of housing. This development project fits squarely within this trend,” said Mike Bryant, managing director, co-head private real estate, Partners Group.
Tellus Towers will be the largest of the three projects and will include two high-rise residential towers, a hotel, retail space and a preschool over a total floor area of 57,000 square meters. At 78 stories, the taller of the two towers is expected to be among the highest residential buildings in Northern Europe.
Completion of the three developments is anticipated between 2019 and 2021.