Property advisor CBRE has been appointed to manage the sale of Europe's second-tallest residential building, the Turning Torso in the Swedish city of Malmo.
Property advisor CBRE has been appointed to manage the sale of Europe's second-tallest residential building, the Turning Torso in the Swedish city of Malmo.
The current owner, Sweden’s largest housing cooperative HSB Malmö, plans to use the proceeds to provide 1,000 new rental properties in the area.
The 2005 landmark building was designed by Santiago Calatrava. It is constructed in nine segments of five storey pentagons which twist as it rises. Each floor consists of an irregular pentagonal shape rotating around the vertical core, which is supported by an exterior steel framework.
The building is mostly used for residential accommodation, with approximately 20% allocated for office space. At 190 metres, the Turning Torso is the second highest residential building in Europe. It is exceeded only by the 264-metre Triumph Palace in Moscow.
Daniel Andersson, head of Capital markets, CBRE Sweden, commented: 'Turning Torso is probably the most iconic building in Northern Europe and we are very pleased to work with HSB on this sale. Buildings of high quality in good locations are very attractive and we believe in strong interest from both Swedish and International investors.'
The high demand for residential property is illustrated in CBRE’s recent Investor Intentions survey. The survey of 344 senior global property investors found that increasing numbers are now choosing residential property as their preferred investment, up 6% from 2011. The increase reflects improved performance in the sector over the last year.
The same research found that Nordic countries are a popular choice for global investors, ranking above eurozone countries such as France, Italy and Spain.
