Oaktree Capital Management is buying a majority stake in a SEK6bn (€567.6m) skyscraper under construction in Gothenburg, Sweden.

Serneke Group said it has agreed to sell an 80% stake in the 95,000sqm Karlatornet building to Oaktree and will retain a minority stake the building which will become the tallest building in the Nordic region.

The duo will co-own and jointly develop the building in the Karlastaden estate, which will have more than 600 residential apartments, a 300-key Clarion Choice Hotel, over 8,000sqm of office and retail spaces.

Ola Serneke, CEO of Serneke Group, said: “This agreement naturally represents a huge milestone for the continued development of Karlastaden and for all of Serneke.

“This is something we have worked extremely hard to achieve for a long time.”

Serneke owns the remaining building rights in Karlastaden, consisting of approximately 150,000 square meters of mixed-use development divided into seven blocks.

Serneke said it will now explore different possibilities for completing the development of the remaining Karlastaden, which involves intensifying dialogues with potential investment partners.

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