Patrizia acquires residential development in greater Stockholm for €62m

Patrizia has acquired a residential development near Stockholm for €62 million ($75 million) from Scandinavian Property Group, on behalf of a pan-European residential strategy.

The property is a 10,600-square-meter (114,000-square-foot) development comprising 189 modern apartments across two buildings, as well as a commercial unit on the ground floor that is leased to ICA, a well-known food retailer. The building will be completed in January 2022.

Vegastaden is a thriving town located 18 kilometers (11 miles) south of Stockholm, which provides strong public transport links that connect the property to the capital in less than half an hour by train. In the immediate area, Länna Köpcentrum and Port 73 shopping areas both offer extensive retail and leisure provision.