Swedish listed property group Kungsleden has clinched its first acquisition after having carried out €237 mln of asset disposals in 2014 as part of a portfolio restructuring strategy.

Swedish listed property group Kungsleden has clinched its first acquisition after having carried out €237 mln of asset disposals in 2014 as part of a portfolio restructuring strategy.

The company said it has acquired Mässhallen 1 in Hyllie, Malmö’s primary development area, from developer Midroc for SEK 320 mln (€35 mln).

Built in 2012, the 20,500 m2 office asset is fully let to Artexis Nordic on a long lease. Closing of the deal is expected for 3 November. The site also includes a parking project offering 350 spaces to be built by Midroc.

The acquisition is part of the re-focusing of Kungsleden's portfolio to increase the proportion of office space to 50% and reduce the share of industrial/warehousing to 35%, and also to increase the share of properties located in Stockholm, Gothenburg and Malmö to at least 50%.

'The acquisition is in line with our strategy to grow our portfolio in the larger cities and growth regions,' commented Ylva Sarby Westman, head of transactions at Kungsleden.

Earlier this month Kungsleden sold 39 properties in the northern Swedish region of Norrland for SEK 760 mln (€82 mln) to local investor NP3.

The transaction saw Kungsleden exit 10 markets in Norrland region. The properties are mainly industrial and warehousing facilities comprising 144,100 m2 of leasable area in Norrland.

From January to 9 July Kungsleden sold 58 properties for just over SEK 2.2 bn (€237 mln) in a total of 11 different transactions. Average prices exceeded book value by more than 10%, the company said.