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PRINT THIS PAGE Norway's Reiten & Co exits Heimstaden28/09/2005. Source: AltAssets. 
 Norwegian mid-market private equity investor Reiten & Co has agreed to sell Sweden's Heimstaden to Fredensborg Eiendomsselskap for SEK1.9bn (approximately €203m).
Heimstaden, headquartered in Malmö, Sweden, owns and manages 76 residential properties representing more than 2,260 apartments and over 180,000 sq.m, and two commercial properties.
The Reiten & Co Funds invested in Heimstaden at the beginning of 2004. In April 2005, Reiten completed a recapitalisation of Heimstaden, which generated a dividend payment of NOK196m (€22m) to the Reiten Funds, representing 72 per cent of the Funds' total equity investment in the company. After the refinancing Reiten & Co retained its 56 per cent equity stake in Heimstaden.
Kathryn M Baker, chairman of the board of Heimstaden and a partner at Reiten & Co, said, 'We are very pleased with the developments at Heimstaden which exemplify Reiten's approach to partnering with management and creating value at its portfolio companies. Our hands-on approach has transformed Heimstaden into an attractive target for Fredensborg and enabled the refinancing we arranged earlier this year. Heimstaden will have generated handsome returns for our investors.'
Oslo, Norway-based Reiten & Co has a total of €220m of assets under management. The firm's target equity investment size is between €10-40m.
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