Swedish joint venture Hemsö has acquired a newly developed school property north of Stockholm. The property in Upplands Väsby houses two senior high schools, municipal library, work premises for the municipal executive, a cafe and other amenities.

The asset was developed in 2009 by a joint venture between Swedish construction and civil engineering group Peab and Hemsö. The total investment comes to SEK 400 mln (EUR 44 mln), reflecting a yield of 7%.

Hemsö has now exercised its option to acquire Peab's share on completion. Hemsö is 50-50 partnership between listed property company Kungsleden and the Swedish Third Pension Insurance Fund.