Listed Swedish property company Kungsleden has acquired part of the Studentkåren 1 mixed-use property, also known as Sparta, in the southern Swedish city of Lund.
Listed Swedish property company Kungsleden has acquired part of the Studentkåren 1 mixed-use property, also known as Sparta, in the southern Swedish city of Lund.
The total purchase price comes to SEK 173 mln (€20 mln) excluding transaction costs, reflecting a net initial yield of around 8%.
The vendor is AF Bostäder.
Kungsleden is purchasing the retail and office sections of the asset, with the owner retaining the student accommodation element of the scheme. The asset provides 19,850 m2 of space and generates rents of SEK 23 mln. Main tenants are ICA, the University of Lund, AF-Bostäder, Samhall and Actic Sverige.
'This property enjoys an attractive micro-location between the university campus and the Ideon quarter of Lund, with the opportunity to create attractive development rights on the property,' commented Anders Kvist, Interim Chief Executive of Kungsleden.
The deal is scheduled to close on 1 October 2013.
