Segulah acquires Stockholm-focused builder Zengun

The GP bought its stake from Zengun founders Ulf Jonsson and Tobias Örnevik, who will remain as significant shareholders, as well as in operational roles with the company.

The deal saw Segulah draw on commitments from its Segulah V vehicle, a fund targeting SEK 5.6bn that began fundraising in August 2014 and held a SEK 1.9bn first close the following August, but has yet to announce a final close.

Stockholm's commercial and residential property markets have seen extremely strong growth in recent years. Sweden's capital city has become one of the most expensive cities per square meter in which to buy property, driven by low interest rates, population influx and limited amounts of space in which to build.

Company
Zengun is a property developer focusing on high-end commercial properties in the Stockholm region. The company's construction projects are mainly carried out by subcontractors.

The Stockhom-based company employs a staff of 85 and had sales of SEK 816m in the year ending April 2015.

People
Segulah – Henrik Lif (managing partner); Oskar Oxenstierna (investment manager).
Zengun – Martin Dahlgren (CEO).

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