Listed Swedish property investor Kungsleden has acquired a recently completed mixed-use building in Malmö centred around offices and a hotel for SEK 1 bn (€98 mln).
The LEED Platinum-certified building, known as Studio, was purchased from developer Skanska and comprises around 18,250 m2 of rentable space.
Completed in 2017, the 14-storey asset mixes offices and a hotel with public and social spaces including restaurants, cafés and a sky bar. It is located at Universitetsholmen close to Malmö’s central station.
Designed to be a vibrant business, social and creative environment that is open 24 hours a day, Studio’s largest tenants are Story Hotel, EY, United Spaces, Scan Coin and Altitude Meetings. The average rental contract runs for seven years and the total rental value amounts to around SEK 60 mln.
'We are very pleased to have finalised another acquisition of a state-of-the-art property with the highest sustainability rating from Skanska,' said Henrik Gerdin, head of transactions at Kungsleden. 'The property becomes part of our core holdings with stable and long-term cash flows from good tenants that raise Kungsleden’s earnings at a low risk,' he added.
