Allianz Real Estate has expanded its northern European office portfolio with the acquisition of a 30,000sqm asset in the capital of Sweden for around €175m.
The asset manager said it has acquired the Gangaren 11 office complex in Stockholm, on behalf of Allianz group companies, from Swedish real estate firm AMF Fastigheter.
Gangaren 11, which was built in 2009, is fully let to financial services company Skandia.
The asset, the first equity acquisition for the company in the Swedish market for six years, expands Allianz Real Estate’s core office portfolio in Europe and also its exposure to the Swedish market, Allianz said.
Annette Kröger, Allianz Real Estate’s CEO for north and central Europe, said: “We’re delighted to be able to expand our European core office proposition into the Swedish market. Stockholm has strong fundamentals and a very positive outlook, and we’re excited to be adding further to our Northern European portfolio.
“This latest deal fully supports our long-term growth strategy of targeting quality office buildings in high-demand, prime city locations in Europe with a minimum 10-year investment term.”