Varia US Properties AG, the Swiss-listed investor in the U.S. multifamily sector, externally managed by Stoneweg, an SWI Group Company, has formed a US$693.9 million two-vehicle joint venture with affiliates of Brookfield Asset Management for 13 of Varia’s 17-property U.S. multifamily portfolio.
The JV provides access to up to US$200 million equity capital to fund future acquisitions, enabling Varia US to expand its portfolio and reposition the Company towards a higher-quality portfolio. Varia US will actively invest in the JV assets to maximize value ahead of planned disposals.
Comprising 4,112 units across nine U.S. states, the 13 properties have been divided into two newly formed vehicles, with an aggregate gross asset value of approximately $694 million. Four properties will remain wholly owned and consolidated by Varia US.
Max-Herve George, co-founder and CEO of SWI Group, said, “This joint venture gives us the firepower and the flexibility to concentrate on high-quality residential communities, while positioning Varia US to grow decisively as the U.S. living sector continues to reward scale and discipline.”
Pictured: Varia US’ Rolling Hills Apartments in Louisville, KY.
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