Swedish developer Granen, advised by Savills, has sold the Pentagonen 1 shopping centre to Norwegian property fund DnB NOR Eiendomsfond I for EUR 40 mln. Construction work began this summer and when completed in September 2008, the shopping centre in the retail area Kungens Kurva, south of Stockholm, will comprise 11,000 m[sup]2[/sup] of retail space out of a total of 25,000 m[sup]2[/sup]. The mall will have three floors of retail premises with indoor garages on every floor as well as in the basement. Approximately two thirds of the area is already let to tenants including several well-known brands.

Swedish developer Granen, advised by Savills, has sold the Pentagonen 1 shopping centre to Norwegian property fund DnB NOR Eiendomsfond I for EUR 40 mln. Construction work began this summer and when completed in September 2008, the shopping centre in the retail area Kungens Kurva, south of Stockholm, will comprise 11,000 m2 of retail space out of a total of 25,000 m2. The mall will have three floors of retail premises with indoor garages on every floor as well as in the basement. Approximately two thirds of the area is already let to tenants including several well-known brands.

'This has turned out to be a very successful project and we are convinced that Pentagonen will be very attractive to new tenants as well as a good investment for the new owner,' Granen's CEO Carl Michael Augustsson said in a statement.

Granen is a property development company focused on office and retail properties in Sweden. In addition to Pentagonen, its projects include new office and retail properties in the Nyhamnen district of Malmo and a new office building in Solna, next to the planned new national sports arena.

DnB NOR Eiendomsfond I is a Norwegian property fund focused on retail and office properties in Norway and Sweden. The fund has a large number of Norwegian investors and an investment capacity of approximately EUR 2 bn, of which roughly EUR 1.6 bn has already been invested. Its acquisitions this year include Klarabergshuset in Stockholm, Helsfyr Atrium and Sjolyst Arken in Oslo. The fund was represented in the transactions by DnB NOR Markets, DnB NOR Bank.