GLOBAL - Sweden's PP Pension, the pension scheme for employees in the media sector, has acquired two office properties in Stockholm.
While the scheme did not disclose how much was paid for Adonis 17 and Munklägret 24, it said the deal was in line with its board's decision to increase exposure to commercial properties and counteract its traditionally high investment in residential real estate.
In other Swedish news, real estate company Hemsö, partly owned by buffer fund AP3, has finalised a SEK98m (€11m) deal with Kungsleden.
The properties currently have two schools as sitting tenants, with leases running for a further nine years, earning Kungsleden SEK11.8m.
Meanwhile, the private equity arm of Canadian pension fund Ontario Municipal Employees Retirement System (OMERS) has bought Accelerated Rehabilitation Centers from Gryphon Investors for an undisclosed sum.
Accelerated provides outpatient physical therapy services in eight US states, with a total of 223 clinics.
In other news, LaSalle Investment Managers has sold a business park near London's Heathrow airport for £30.1m (€34.1m) to Melford Special Solutions.
The park, which is currently almost 80% let, earned LaSalle a net initial yield of 8.2%, with the company's head of business space Gary Player noting that the sale showed significant and continuing demand for the "right type" of office properties in the populous south east region of England.
Finally, Heitman has finalised the acquisition of Metropolis II, part of a complex of three office buildings and a shopping centre on Moscow, Russia, marking the first deal for Heitman Property Partners IV in the country.
The 11 story building - completed in 2008 and currently fully let - is in Voykovsky, a short commute from the city centre.