Ivar Tollefsen’s real estate group Heimstaden Bostad buys 599 real estate employees with almost 29,000 homes in Germany, Sweden and Denmark. It reports business Sunday night.

The properties are bought from Swedish Akelius, for a total of NOK 91.6 billion, and the property portfolio generates NOK 2.8 billion in annual rental income.

The agreement will be financed through cash, DKK 24.5 billion in new share capital and an annual bridge loan of DKK 65 billion.

Passionate inhabitants

There is 98 percent occupancy in properties, and Heimstaden boss Patrik Hall is apparently also happy with the tenants companies get on the purchase:

– We are pleased to announce this acquisition across five thriving and attractive European cities with rich culture, strong economic growth and passionate residents with commitment to their cities and communities in general, he says in a press release.

It is expected that the agreement will be landed in December, subject to approval.

The new share capital in Heimstaden Bostad comes mainly from shareholders in the form of the owner company Heimstaden (8.5 billion), KPA Pension (8 billion), Alecta (7.1 billion) and the Swedish pension authority (1.25 billion).

Goes into Hamburg

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• 14,000 homes in Berlin
• 3500 homes in Hamburg
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• 1000 homes in Copenhagen