Pension capital placed in Sahlgrenska Life

28 February, 2019

The real estate company Intea, which manages Swedish pension capital, has become a long-term owner of two of the four houses planned within the extensive life science project, Sahlgrenska Life.

TEXT: KENNY GENBORG

Sahlgrenska Life is planned to be built in direct connection with Sahlgrenska Science Park. The local plan proposal provides the opportunity to build a total of 150,000 square meters in four buildings.

It includes a superstructure over Per Dubbsgatan to connect the University of Gothenburg’s medical research facilities at Medicinareberget with Sahlgrenska University Hospital.

Intea is entering into the development of the buildings together with the project developer, Vitartes. The intention is to become a long-term owner of two of the buildings. This part of the project comprises a total of 55,000 square meters of specially adapted premises for life science, highly specialised care, advanced research, education and business development.

“The billion kronor investments are an acknowledgment of the attractiveness of the life science industry in West Sweden The project is a major strengthening of the Gothenburg region as an internationally competitive life science cluster,” says Charlotta Gummeson, CEO of Sahlgrenska Science Park.

The Sahlgrenska Life project has been run by the Norwegian-owned, property developer Vitartes together with Region Västra Götaland’s real estate company, Västfastigheter, Sahlgrenska University Hospital and the University of Gothenburg, in close cooperation with the City of Gothenburg.

The deal with Intea follows an agreement at the end of 2018 where Vitartes bought out the real estate company, Hemsö, with the Third AP Fund as the largest owner. This party is now replaced by another pension capital fund.

Handelsbanken and Volvo’s and Saab’s pension foundations have stakes in Intea. Intea’s business concept is based on long-term, low risk investments in properties with tenants from publicly-owned institutions.

“Besides premises for the judiciary and higher education, healthcare is a priority growth area for Intea. Being part of the project from an early phase gives us excellent opportunities to adapt and prepare the new buildings for our long-term management,” says Intea’s board member Christian Haglund.

The deal with Intea and the steps taken in the urban development process mean that planning for Sahlgrenska Life is now entering a more intensive phase.

“We have been working for a long time to create the conditions for a translational centre in a strategic location in Gothenburg. Now we have the right location and the right partner to take the next step towards achieving our vision,” says Vitartes CEO, Steinar Stokke.

The company has its Gothenburg office at Sahlgrenska Science Park and specialises in project development in life science with the aim of integrating healthcare, research, education and industry in knowledge clusters.

READ MORE: Big step towards Sahlgrenska Life