Blackstone has bought the building which will be Spotify’s Stockholm headquarters for its European core fund.
The 104-year-old-building, at 6 Barnängen in Stockholm’s Södermalm district, was acquired two years ago by Angelo Gordon and Scius Partners for close to SEK 600 mln (€58.5 mln) and refurbished and expanded to 12,300 m2.
The deal demonstrates Blackstone’s continuing faith in offices as a core investment sector, despite the questions about future occupation levels raised by the pandemic.
Södermalm, a part of central Stockholm increasingly favoured by tech companies, ‘is one of Stockholm’s most dynamic areas’ said Michael Swank, Blackstone senior managing director.
‘This transaction demonstrates our long-term belief in high-quality office properties in Stockholm, where demand for modern and flexible office solutions continues to grow.”
Scius will continue to complete the works and manage the building. Catella and PwC acted for Blackstone and Savills advised Angel Gordon.
