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.”

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