Private equity firms to sell €720m Swedish real estate company

Altor Equity Partners and Bure Equity will sell Northern Sweden’s largest property company, Norrvidden, with around €720m of assets

Swedish private equity firms Altor Equity Partners and Bure Equity are to sell their local property company Norrvidden, which has around SEK 6.4 billion (€720 million) of assets.

The two firms bought northern Sweden’s biggest property in 2009. In the case of Altor, it was made on behalf of Altor Fund III, which closed on €2 billion in 2008.

In a statement, they said they were looking for a long-term owner and had initiated the sales process.

“We believe that Norrvidden with their good reputation, skilled organisation, strong market position and interesting assets will face a lot of interest among players who want to increase their real estate investments in northern Sweden,” the two private equity firms said.

The property company was formed in 2002 by regional insurance companies in Västerbotten, Jämtland, Västernorrland and Gävleborg, together with Fastighetsaktiebolaget Norrporten.

It has offices in Sundsvall, Östersund, Gävle, Umeå and Luleå and owns around  840,000 square meters of property.