Swedes move in on English buy-to-let action

Swedish fund Akelius has quietly built a huge buy-to-let property portfolio in England, after starting its buying spree only six months ago. It now owns 700 units and plans to acquire another 300 in the next nine months.

Akelius’s first purchase, of 16 tenanted units in Clapham for £4.25m, was last October. As well as its growing portfolio in England, the fund owns 35,000 residential properties in Sweden and Germany worth £3.1bn.

This week, it announced completing on two more acquisitions in London and the South-East costing £84.45m. One of the deals was among the largest residential property transactions in recent years, involving the purchase of 574 apartments from Terrace Hill for £75.35m.

The tenanted properties are spread across 26 sites in locations such as Clapham, Ealing, Kennington, Watford and Milton Keynes.

In December, Akelius purchased Pelham and Waverley Court, with 81 tenanted units, in Horsham, Sussex, from Grainger for £9.1m. Akelius has now invested nearly £100m in acquiring and refurbishing UK residential property. Its total UK portfolio now stands at close to 700 units.

Lars Lindfors, managing director of Akelius UK, said: “Our recent acquisitions have focused on areas with good transport links in London and the South-East, which we see as our core market.

“We will continue to grow our UK portfolio and hope to have at least 1,000 units by the end of the year. We are in the process of refurbishing the properties we have already acquired to Akelius standard by installing new kitchens and bathrooms, renovating the common areas and landscaping grounds, for example.

“Our aim is to set a new standard for private rented sector accommodation in the UK.”

Source: lettingagenttoday.co.uk

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