Vonovia buys Swedish resi business from Blackstone for $1.25b

Germany-based residential company Vonovia has acquired a majority stake, 69 percent, in Swedish residential company Hembla from Blackstone Real Estate Partners Europe IV and its affiliates for SEK 12.225 billion ($1.25 billion).

Hembla AB is a property company that focuses on owning and developing rental residential properties in Greater Stockholm. It has a portfolio of 21,411 apartment units and more than 5,000 additional apartments in its development pipeline. Hembla AB has more than 7,000 shareholders and is listed on Nasdaq Stockholm.

Completion is expected to occur in fourth quarter 2019.