Allianz invests $871 million in Heimstaden’s Sweden property portfolio

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FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris

– Allianz Real Estate said on Wednesday it had invested 7.9 billion Swedish crowns ($870.88 million) in Heimstaden Bostad’s portfolio of properties in Sweden that it recently acquired from its rival Akelius Residential Properties.

The agreement will form a joint venture on the 30.4 billion Swedish crown portfolio, which includes 3,377 homes in Malmo and 5,932 homes in Stockholm, the asset manager said in a statement.

Allianz Real Estate, on behalf of insurer Allianz, said the joint venture will be funded with equity, as well as a debt facility from Heimstaden.

Heimstaden in September agreed to buy Akelius’ 599 properties in Germany, Denmark and Sweden for 92.5 billion Swedish crowns ($10.6 billion), following a string of smaller portfolio acquisitions this year across northern and central Europe.

($1 = 9.0713 Swedish crowns)

(Reporting by Vishal Vivek in Bengaluru; Editing by Ramakrishnan M.)

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