STOCKHOLM, 5 January 2009 – GE Real Estate Nordic announced today it has sold a portfolio comprising 29 properties to a newly established real estate company, Roxanne Fastighetsfond AB. GE Real Estate will continue to hold an interest in the assets through an investment in Roxanne.
The properties are located in 15 municipalities across Sweden and represent circa 230,000 sq m of lettable space.
Roxanne will focus on investing in Swedish real estate assets, where government or municipal tenants represent over 80% of the rental income. The Company has been financed by third party debt and SEK 750 million of capital from its investors and the aim is to double the size of the portfolio within the next eight years.
The other investors in Roxanne are Folksam ömsesidig sakförsäkring, KPA Pensionsförsäkring AB (publ), Kåpan Pensioner Försäkringsförening, Vattenfalls Pensionsstiftelse and Stiftelsen för Strategisk Forskning.
GE Real Estate's Stockholm office will be retained by Roxanne as asset manager, and thus be responsible for developing and executing Roxanne’s business plan including sourcing of new deals as well as managing the existing portfolio.
