Norwegian life insurance company DNB Livsforsikring has divested the 23,000-m[sup]2[/sup] Spårvagnshallarna commercial property on Birger Jarlsgatan in central Stockholm to the Swedish listed real estate company Fastighets AB Balder.
Norwegian life insurance company DNB Livsforsikring has divested the 23,000-m2 Spårvagnshallarna commercial property on Birger Jarlsgatan in central Stockholm to the Swedish listed real estate company Fastighets AB Balder.
The transaction price amounted to SEK 1.1 bn (around EUR 130 mln).
'This is an iconic and highly attractive property in central Stockholm. We were not surprised to see a very high level of interest from investors in this sales process,' said Catella Corporate Finance's managing director Thomas Persson, who advised the vendor on the process.
Proceeds from the sale, which is expected to close on 1 October, will partly be used to finance the company's new headquarters in Bjørvika in Oslo, requiring an investment of almost NOK 5 bn.
'Our main objective is to create value for DNB Livsforsikring’s pension clients through active portfolio management. This involves focusing on both purchases and sales,' said Gro K. Boge, President of DNB Naeringseiendom, which manages DNB Livsforsikring's property portfolio in Norway and Sweden.
The company's property portfolio of just over NOK 40 bn almost solely comprises wholly-owned commercial properties in Norway and Sweden.
