Swedish listed property company Klövern has acquired a site in central Stockholm for SEK 340 mln (€36.1 mln) to convert to a mixed-use development.
Swedish listed property company Klövern has acquired a site in central Stockholm for SEK 340 mln (€36.1 mln) to convert to a mixed-use development.
The asset at Orgelpipan 4 was acquired from AxFast and has a lettable area of around 4,500 m2. It is almost fully let to tenants including Electrolux Home, Svea Ekonomi and Snowfall. The rental value amounts to SEK 19 mln, reflecting a 5.6% yield.
Klövern said the development property was intended to be developed into a modern office and retail building.
CEO Rutger Arnhult said:‘This is a very exciting project in the heart of Stockholm where we will be a part of the transformation of Klarabergsgatan and the area between Sergels Torg and Stockholm Central Station.’
Transfer of ownership is due to take place on 5 April.
