Munich Ergo Asset Management (Meag) has acquired the Plaza 63 office project in Stockholm for around EUR 220 mln from development consortium Stockholm Klara. The office building will offer around 25,000 m[sup]2[/sup] of floor space and 125 underground parking spaces and is due for completion at end-2009.

Munich Ergo Asset Management (Meag) has acquired the Plaza 63 office project in Stockholm for around EUR 220 mln from development consortium Stockholm Klara. The office building will offer around 25,000 m2 of floor space and 125 underground parking spaces and is due for completion at end-2009.

The acquisition marks Meag's first foray into the Swedish market. Commenting on the deal, Meag's global head of real estate Knut Riesmeier said: 'This project fits in perfectly with our investment focus on commercial properties in prime locations in major European cities.'

Plaza 63 is located in the heart of Stockholm's central business district, close to the main railway station and the Stockholm World Trade Center. It forms part of a bigger development called Stockholm Klara which includes a new 418-bed hotel and a congress centre for up to 3,000 people.

The Stockholm Klara development consortium is led by Jarl Asset Management and includes Niam Fond III and Car Val Investors. Meag was advised by Cushman & Wakefield during the transaction.