Partners Group, a Swiss private markets investment manager, and residential developer SSM have formed a joint venture (JV) to build more than 1,700 affordable apartments in the Greater Stockholm area in Sweden.
Located within a 15-minute train ride from central Stockholm, the project will entail a total investment of €700m.
The JV will build three separate residential developments including, Tellus Towers, Jarla Station and Metronomen which will be offered as fully-functional residential units at an affordable price.
Tellus Towers will feature 78 floors and is touted to be tallest residential buildings in Northern Europe. It will include two high-rise residential towers, a hotel, retail space and a preschool over a total floor area of 57,000 sq m. Completion of the three developments is likely between 2019 and 2021.
Stuart Keith, vice president of private real estate Europe at Partners Group, said: “Stockholm is one of Europe's fastest growing cities in terms of population growth.
“However, housing supply has not kept up with demand and there is a substantial shortfall of residential units across the city.
“With this project, we are catering to a fundamental market need and look forward to adding a substantial amount of efficient, modern and affordable housing to the city's real estate market."