AFA Properties and ByggVesta are cooperating in the Green Property AB which will be building 3,000 new apartments in Stockholm, Gothenburg, Malmö, Linköping and Västerås within the next five years.
Currently, AFA Properties and ByggVesta own roughly 50% of the Green Housing AB, which was originally a subsidiary of ByggVesta. Green Housing AB, owns seven units which contain about 900 apartments of which approximately 425 homes are under construction and will be completed within the next year. The properties are located in Stockholm, Västerås, Malmö, Gothenburg and Linköping .
Rickard Backlund, is the new CEO of Green Housing AB is, and former CEO of Aberdeen Property Invest.
Gunnar North Feldt, the president ByggVesta, commented in the press release: "The partnership with AFA Properties will mean that we can increase our rate of expansion significantly."
He continues by adding: "Both the AFA Properties and we are long-term property owners. ByggVesta want to be a leader in environmental and energy efficiency. We are focused on building and managing modern rental apartments in big cities. We want to strengthen our role as a major player in this market."
ByggVesta has been developing a cost-effective and energy efficient housing with reasonable rents in metropolitan area.Their concept of Egenvärmehus, has become a standard in all the houses they construct.
Tomas Ingemarsson, Property Manager AFA, commented in the company press release: "There is a great need for new rental apartments and student housing in cities that were not being met. Through cooperation with ByggVesta we can combine our long-term goal is to invest in dwellings that contribute to societal benefits by bringing in new eco-friendly rental properties in markets with a shortage of housing. "
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