Union Investment has paid close to €120m for the newly completed U6 office property in Solna, near Stockholm, occupied by Siemens.
The 18,000sqm building was completed by Swedish developer Fabege at the end of 2017 and is being bought for the open-ended real estate fund UniImmo Europa.
It is also occupied by care services provider Ambea and retailer H&M.
The building is the first investment in Sweden for UniImmo Europa, which is now invested in 19 countries across Europe, North America and Asia-Pacific.
Union Investment has acquired other buildings developed by Fabege in the Arenastaden district for two of its other funds, UniImmo Deutschland and UniInstitutional Real Estate Europe.
Martin Schellein, head of investment management for Europe at Union Investment Real Estate, said: “The Arenastaden development district is currently one of the most popular office locations in the Stockholm area, as demonstrated by the large number of high-profile companies that are locating there.”
“Developed by Fabege, these buildings feature high construction quality and thus have the ability to deliver stable long-term income for our funds.”