Barings Real Estate is buying an office asset in Sweden on behalf of institutional investors for over €100m.
The investment manager said it acquired Härolden 44 in Stockholm as part of its pan-European core investment strategy from Swedish fund manager Mengus.
The office property, which is also known as Fleming 7, offers a total lettable area of around 10,000sqm.
The fully let office property was built in 1965 and has been refurbished several times over the years, including a recent extension of the property with two additional office floors in 2017.
Gunther Deutsch, the head of real estate transactions Europe at Barings, said: “The acquisition of Fleming 7, which is our second investment in Sweden after an acquisition of a retail high street building in Malmö, was bought for one of our pan-European core strategies to strengthen Barings’ presence in the Nordics.
“We are continuously looking for logistics, office, residential and hotel opportunities in Sweden and Finland varying from core to value-add on the risk spectrum.”