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

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of Allianz SE, the insurer, can be seen on the Puteaux building at La Defense’s financial and commercial district, just outside Paris. It was taken by Charlie Platiau/File Photo, May 14, 2018. REUTERS/Charles Platiau/File Photo

(Reuters) – Allianz (DE) Real Estate announced Wednesday that 7.9 billion Swedish Crowns (or $8870.88 Million) had been invested in Heimstaden Bostad’s Swedish property portfolio, which it acquired recently from Akelius Residential Properties.

According to a statement, the asset manager stated that the agreement would create a joint venture for the 30.4 billion Swedish crown portfolio. It includes Malmo’s 3,377 and Stockholm’s 5,932 properties.

Allianz Real Estate for insurer Allianz stated that the joint venture will be fully funded using equity and a Heimstaden debt facility.

In September, Heimstaden agreed to purchase Akelius’ 599 property in Germany and Denmark for 92.5 billion Swedish Crowns ($10.6 Billion). This follows a series of portfolio purchases this year in northern and central Europe.

($1 = 9.0713 Swedish crowns

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