Swedish private equity group Niam has acquired an office property in Krista, northwest of central Stockholm, from European Property Fund SICAV at a significant discount. The deal was based on a property value of SEK 485 mln (EUR 46.5 mln), 35% less than the price the fund paid for the building two years ago.
Swedish private equity group Niam has acquired an office property in Krista, northwest of central Stockholm, from European Property Fund SICAV at a significant discount. The deal was based on a property value of SEK 485 mln (EUR 46.5 mln), 35% less than the price the fund paid for the building two years ago.
The Blåfjäll 1 property comprises 26,000 m2 of office space and is fully leased to Ericsson. Cushman & Wakefield acted for the vendor.
European Property Fund SICAV, managed by Aviva Investors, paid SEK 750 mln for the property when it acquired it from the HSBC Amanah Global Properties Income Fund in October 2007.
Niam said following the latest deal it as acquired properties for SEK 10 bn in just 12 months on behalf of its fund Niam Nordic Fund IV.
'We pursue our present investment strategy of large, selective acquisitions from motivated sellers in tune with the conditions and demands on both buyers and sellers in today’s investment market,' Fredrik Jonsson, Niam's chief investment officer, said.
