Folksam is investing SEK550m (€56.5m) in a Stockholm office building.
The Swedish pensions and insurance mutual is buying the asset, part of the Swedish National Archives, from real estate funds managed by Blackstone and Areim.
Folksam, the pensions and insurance group that runs local government pensions scheme KPA, said it had signed a deal to buy the Lysbomben 6 property on the island of Kungsholmen.
The building contains around 15,000sqm of space, of which 6,000sqm is office space and 9,500sqm warehousing.
The property is leased to the Swedish National Archives on a 25-year contract.
Lars Johnsson, head of the Folksam group’s real estate business, said the building had a completely refurbished office section and a good tenant in the form of the Swedish National Archives.
“We see the property as a community building, and it has bond-like qualities that fit our commitment to ensuring a long-term stable return for customers well,” he said.
Folksam will take ownership of the property on 21 December.
The company, which has nearly SEK400bn in assets under management, said it owned real estate worth almost SEK25bn before the purchase and aimed to increase its property investments strongly over the next few years.
