Global real estate investment manager Invesco Real Estate has acquired an office property in Stockholm from Swedish institution SEB Trygg Liv through its Nordic local operating partner, Scius Partners.
Financial details were not disclosed.
Skalen 24, located in Hagastaden, currently comprises 18,000 m2 of net lettable area. The asset has zoning to develop and add three additional office floors of approximately 6,000 m2, plus as an adjoining residential block of circa 60 units.
'We have been invested in Swedish real estate on behalf of our global institutional clients since 2006 and continue to be positive to the outlook for the office market in Stockholm,' said Rob Johnston, senior director of UK/Nordics transactions at Invesco Real Estate.
'This opportunity is well located in one of Stockholm’s major development areas, which is experiencing significant infrastructure investment,' Johnston added. 'Originally constructed as a light industrial warehouse, the building offers many distinguishing features and fits our manage-to-core strategy well. We look forward to developing this mixed-use asset, together with Scius, into a grade A office product in this exciting part of Stockholm.'
Invesco Real Estate was advised by Linklaters and SEB by Catella and Cederquist.
