Danish property company Keops has sold the Fatburen office complex in Stockholm, Sweden to Dublin-based Vico Capital for SEK 2.66 bn (EUR 283 mln). The disposal was carried out by Keops to redeem bonds as interest rates rise, ceo Ole Vagner said.
Danish property company Keops has sold the Fatburen office complex in Stockholm, Sweden to Dublin-based Vico Capital for SEK 2.66 bn (EUR 283 mln). The disposal was carried out by Keops to redeem bonds as interest rates rise, ceo Ole Vagner said.
Keops has financed part of the SEK 23 bn it has invested in Swedish property since 2004 through bonds, and it is planning to sell property this quarter for SEK 8.5 bn as borrowing costs rise. Keops paid SEK 2 bn (EUR 213 mln) for the property in May 2005.
Vico Capital is the investment vehicle of Brian and Dr Mary Patricia O'Donnell. In September 2006, Vico acquired Sanctuary Buildings, 14-26 Great Smith Street in London SW1 from Sallarin, a joint venture company of DCD London & Mutual and TAIB Bank, for EUR 252 mln. Sanctuary Buildings comprises 21,100 m2 of modern office space and is let to the UK government as the headquarters of the Secretary of State for Education & Skills, the Irish Independent newspaper reported at the time.
Brian O'Donnell is chairman of corporate law firm Brian O'Donnell & Partners, as well as chairman of Vico, which has been involved in at least two other large property deals. It acquired 17 Columbus Courtyard, Canary Wharf for EUR 185 mln in September 2005 and 15 Westferry Circus, Canary Wharf for around EUR 207 mln in May of that year.