Niam acquires Stockholm mixed-use asset for €100m

Nordic private equity firm Niam has acquired the leasehold of the Neapel 3 hotel and office asset in Stockholm from listed company Vasakronan for SEK 925 mln (€100 mln).

The property provides 47,000 m2 of leasable space with the largest tenant being Scandic Hotel. It was developed in two phases in the late 1980s and is located in a development area of the Swedish capital.

'We are pleased to acquire a property with great potential in one of Stockholm's most important development areas,' commented Johan Bergman, CEO of Niam. 'The plans that the City of Stockholm has for the area are exciting, and we look forward to being a part of the future development of such a central part of Stockholm. We are planning to construct 250 environmentally-friendly homes close to the lake.'

Niam will take ownership of the asset on 20 April.