Europa Capital’s parent company Mitsubishi Estate has bought a 7,000sqm office building in Stockholm’s central business district from AFA Insurance.
Mitsubishi Estate’s London arm – which has since 2014 been expanding its operation into continental Europe – has bought the seven-storey building in the Swedish capital for an undisclosed sum.
Mitsubishi Estate London, advised by Europa Capital, expects to undertake a full refurbishment of the asset with a view to re-letting the building.
Yuichiro Shioda, managing director and CEO of Mitsubishi Estate London, said: “Trends in the Stockholm office market have been positive in recent years, boosted by a consistently robust underlying economic environment, a strong labour market, high demand and scarce supply.
“Whilst the Covid-19 pandemic has impacted on all occupational markets, the supply/demand imbalance within the Stockholm market indicates that it should recover more quickly than other European capitals.”
To read the digital edition of the latest IPE Real Assets magazine click here.