LaSalle Investment Management sells Stockholm office for EUR 123 m

LaSalle Investment Management has sold Kungshuset, a prime office building in Stockholm, for SEK 1.13 bn (EUR 123 mln), to an affiliate of GIC Real Estate, the property investment arm of the government of Singapore. The property has a lettable area of 17,211 m2, including offices, retail and a cinema.

Kungshuset is multi-tenanted with an average lease length of 6.5 years. The upper floor was recently renovated and is leased from 1 August 2007 to Norwegian bank DnB Nor for seven years. LaSalle was advised on the sale by Jones Lang LaSalle and also worked with local asset manager Genesta Property Nordic, who had originally introduced the investment opportunity to LaSalle and managed the asset since acquisition in 2004.