Invesco Real Estate has announced its second acquisition in Scandinavia in 2010 with the purchase of Paradiset 29, a mixed use office and retail property in Stockholm for approximately EUR 82.5 mln. The deal brings the total Invesco has forked out in the region so far this year to EUR 148.5 mln. Earlier this month, it announced the acquisition of the Stockholm Marriott Courtyard Hotel.
Invesco Real Estate has announced its second acquisition in Scandinavia in 2010 with the purchase of Paradiset 29, a mixed use office and retail property in Stockholm for approximately EUR 82.5 mln. The deal brings the total Invesco has forked out in the region so far this year to EUR 148.5 mln. Earlier this month, it announced the acquisition of the Stockholm Marriott Courtyard Hotel.
Paradiset 29 is a modern office and retail property in west Kungsholmen, four kilometres west of Stockholm’s central business district (CBD). The 23,425 m2 property comprises 13,000 m2 of retail space and 10,300 m2 of office space plus parking facilities. Retailers include local food giant ICA Maxi as the property’s largest tenant as well as Systembolaget and Apoteket. The office space is designed to modern specifications and provides flexible floor plans allowing for multi-tenant occupancy.
Stockholm is Sweden’s most prosperous city and is considered the financial centre of the Nordic region. West Kungsholmen is one of the premier office locations outside of the CBD and is a key growth area with large scale residential and commercial development currently being undertaken. The property is close to Sweden’s principal motorway, thus providing easy access by car and all forms of public transport.
Paradiset 29 was acquired on behalf of a pan-European fund, which Invesco Real Estate has managed since 2000.
Bettina Knirsch, Fund Manager at Invesco Real Estate said: 'We are very pleased to have secured this modern, well-located building, which is the second property the fund now owns in Scandinavia. Having on the ground experts who fully understand the local markets complemented by our deep-seated research capabilities has enabled us to successfully acquire good quality properties in this marketplace. Paradiset further complements the fund’s existing portfolio, which is extremely important during a period in the market cycle where investors are placing a real premium on such characteristics.'
Scius Partners, Invesco Real Estate’s Nordic partner, advised the firm during the acquisition process while Catella acted as an adviser for the seller.
