Invesco Real Estate has bought an office property in Stockholm from the Swedish institution SEB Trygg Liv.

The €9.9bn manager said it bought Skalen 24 through its Nordic local operating partner Scius Partners for an undisclosed sum.

The property, in Hagastaden, currently comprises an 18,000sqm net lettable area with zoning to develop and add three additional floors of 6,000sqm of new offices as well as an adjoining residential block of around 60 units.

Rob Johnston, a senior director of UK/Nordics transactions at Invesco Real Estate said: “We have been invested in Swedish real estate on behalf of our global institutional clients since 2006 and continue to be positive to the outlook for the office market in Stockholm.

“This opportunity is well located in one of Stockholm’s major development areas, which is experiencing significant infrastructure investment.”