Nordic asset manager Areim has sold an office development project in Stockholm to Invesco Real Estate via its local partner, Scius Partners.
Nordic asset manager Areim has sold an office development project in Stockholm to Invesco Real Estate via its local partner, Scius Partners.
Financial details were not disclosed.
Areim, on behalf of its Fund I, has redeveloped the property at Gångaren 10 in the Västra Kungsholmen district of the city to create modern office space. The tenants include Securitas and Stanley Security Solutions.
The last phase of the project involving around 11,000 m2 is due for completion in the fourth quarter of 2016.
'We will together finalise the development of the property further enhancing its attractiveness. The divestment is in line with our strategy to divest Fund I,' said Tiffany Strand, fund manager at Areim.
'In our view, the Swedish real estate market is one of the strong European economies which we believe offers one of the best opportunities for rental growth,' added Paddy Bingham, managing director of fund management at Invesco Real Estate.
