Niam buys office asset in Stockholm for EUR 127m

Swedish property investor Niam is buying an office property in Stockhom for around SEK 1.1 billion (EUR 127 mln) from developer Skanska. The deal is scheduled to close in the first quarter of 2013.

The 34,000 m² asset known as Klara Strand consists of six connected buildings and is located near Stockholm's central station. It was built in 1994 and includes office space, a conference centre and shops. More than 90% of the building is leased to about 30 tenants.

'Klara Strand is a very nice property that we have owned for over 18 years. It is well maintained, almost fully leased and the time is right for to use the capital tied-up in the property for investing in new exciting projects,’ said Caroline Arehult, managing director for Skanska Commercial Development Nordic.

Johan Bergman, CEO of Niam, commented: 'This was an opportunity for us to acquire a well-located office property with steady cash flows but ample opportunities to work with income growth. We continue to believe that Stockholm is an attractive city to invest in with continued population growth and a stable Swedish economy.'