NREP and Byggnadsfirman Erik Wallin AB have entered into a joint venture regarding residential development in Stockholm
NREP and Byggnadsfirman Erik Wallin AB have entered into a joint venture to start building over 450 apartments in Stockholm
NREP and Byggnadsfirman Erik Wallin AB have recently initiated their cooperation which will be focusing on development of condominiums and rental apartments in central Stockholm and the close suburbs of the capital city. Initially, about 200 apartments will be developed over a 3-4-year period in areas as Hjorthagen, Hammarbyhöjden and Årsta, and the joint venture has additional land allocation for about 250 apartments in Hagastaden. The ambition is to grow the cooperation.
”Despite the recent turbulence on the housing market, we continue to have a positive view on residential development in Sweden and Stockholm because of the current structural imbalance of supply and demand. At the same time, it is becoming increasingly clear that success requires a combination of financial strength, a product- and customer centric approach together with solid experience of managing residential development projects. We have had a dialogue with Byggnadsfirman Erik Wallin for several years and are very impressed by their knowledge and long experience as a contractor and residential developer”, comments Rickard Dahlberg, CIO and Partner, NREP.
”NREP and Wallin complement each other very well and we look forward to our continued growth and to develop our firm with NREP’s financial strength and broad experience of property development. Apartment buyers today are more careful and cautious than before and the cooperation with NREP will have a positive impact and strengthen our brand as a developer with strong execution and delivery capacity, and thereby create security for the customers”, comments Jesper Wallin, CEO at Byggnadsfirman Erik Wallin AB.
Byggnadsfirman Erik Wallin AB has 90 years of experience in the real estate market and are today involved in many of the major city developments in Stockholm. The company is owned and led by the third generation of Wallins.
NREP is a leading Nordic real estate investments firm and has currently €4 billion assets under management. NREP has several years of experience in residential development in Sweden, Finland and Denmark.
The joint venture entity Wallin Bostadsutveckling AB is equally owned by Byggnadsfirman Erik Wallin AB and NREP’s multi-strategy fund Nordic Strategies Fund III.
For additional information, please contact:
Rickard Dahlberg, CIO and Partner, NREP, +46 70 952 02 03
Jesper Wallin, VD, Byggnadsfirman Erik Wallin AB, +46 8 545 533 62