Deutsche Bank's RREEF has sold the Europahuset office property in Stockhom to Swedish pension fund AMF for an undisclosed amount. The German investor bought the property back in 2003 for its Grundbesitz Global open end real estate fund from Drott for SEK 800 mln (around EUR 88 mln). Catella advised the seller on the deal, which is expected to complete on April 1, 2009. The latest appraisal values the property at EUR 83.5 mln.

Deutsche Bank's RREEF has sold the Europahuset office property in Stockhom to Swedish pension fund AMF for an undisclosed amount. The German investor bought the property back in 2003 for its Grundbesitz Global open end real estate fund from Drott for SEK 800 mln (around EUR 88 mln). Catella advised the seller on the deal, which is expected to complete on April 1, 2009. The latest appraisal values the property at EUR 83.5 mln.

The Europahuset (formerly known as the Fabegehuset) comprises 15,600 m2 of office premises, 1,500 m2 of storage and retail premises and a large garage comprising 8,500 m2. The property is fully let with large tenants such as ABG Sundahl Colliers, Wistrand Advokatbyrå, the European Commission and Newsec. The average remaining lease term is between three to four years.

'I am very satisfied,' commented Mats Hederos of AMF. 'This is exactly the type of property that we are looking for today, large centrally located properties in Stockholm, located close to our existing properties. The Hammaren 15 property is located close to AMF's large property Salénhuset which currently is undergoing a large refurbishment.'

Hederos said that AMF now sees good purchase opportunities especially in Stockholm and added that the company has a warchest of approximately SEK 10-20 bn at present (EUR 0.85-1.7 bn).