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Blackstone Group is betting on Sweden's housing market. The private equity firm has agreed to buy a 32% stake in D. Carnegie & Co, a Swedish residential landlord.
Once closed, the deal will give Blackstone 40% of voting power, for which it's paying $11.80/share. Following the announcement, D. Carnegie's shares jumped to their highest value since June 7, and Blackstone said it plans to bid for D. Carnegie's remaining shares once the deal closes.
Swedish home prices have been on the rise this year due to low interest rates, Bloomberg reports, and apartment prices have risen by 40% in the past three years. Blackstone said the deal will open opportunities to "invest in a leading, high-quality, Swedish property company with a unique business model." [Bloomberg]
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