Ares Management Real Estate Secondaries funds (“Ares”) and a fund managed by Slättö has agreed to acquire a 40% stake in a high-quality purpose-Built Student Accommodation (“PBSA”) portfolio with assets strategically located across Sweden’s university cities. The acquisition is made through a joint venture with the Swedish real estate company Knaust & Andersson Fastigheter AB (publ) (“K2A”).
The student housing portfolio is valued at SEK 3.1 billion (EUR 270 million) and comprises 3,000 student housing units totaling 72,000 sqm lettable area. The assets have excellent locations close to universities and are of high standards, with 75% of the properties being newly built.
Croisette has assisted Ares with the commercial due diligence of the portfolio.
“We are delighted to have assisted Ares for the second time this year with the commercial due diligence on a major portfolio transaction in Sweden. The PBSA portfolio is of excellent quality and is located in strong university cities. I’m particularly proud of our Capital Markets team, which, through this transaction, has created unprecedented data for the entire Swedish residential market, proving that we are innovative on a new level.”
David Almqvist, Co-head of Capital Markets, Croisette Real Estate Partner.
