Swedish listed property group Hufvudstaden is acquiring a mixed-use property, located in the Nordstan shopping centre in central Gothenburg for SEK 1.3 bn (EUR 140 mln). The vendor is Swedish pension fund AMF.
Swedish listed property group Hufvudstaden is acquiring a mixed-use property, located in the Nordstan shopping centre in central Gothenburg for SEK 1.3 bn (EUR 140 mln). The vendor is Swedish pension fund AMF.
The deal is expected to close in March 2013.
The Nordstaden 8:26 property offers around 20,700 m2, comprising 11,400 m2 of office space, 8,900 m2 of shops and restaurants and 400 m2 of storage facilities. It is almost fully let, with main tenants including KappAhl, Esprit, Cassels, the Swedish Social Insurance Agency and the Second AP Fund.
Hufvudstaden said the acquisition is 'in line with its strategy of concentrating its holdings in prime locations in central Gothenburg and central Stockholm'.
'The property fits extremely well into Hufvudstaden's holdings, particularly in the light of the fact that we already own the Femman precinct in Nordstan. We believe the property has development potential, as Nordstan is one of the leading shopping centres in Northern Europe with an attractive range of retail shops, parking amenities and modern office space in the best commercial location imaginable,' said Ivo Stopner, president of Hufvudstaden.
