Skanska sells €185m Stockholm office to Alecta

Swedish construction and property giant Skanska is divesting the remaining part of its Entré Lindhagen complex in Stockholm in an asset swap with local asset manager Alecta.

Skanska already sold part of the building in May 2014 to Invesco Real Estate for around SEK 1 bn (€110 mln).

It is currently in the process of selling the remaining portion for a price of SEK 1.7 bn (€185 mln).

Skanska bought Entré Lindhagen in 2008 to build 55,000 m2 of office space over two properties, which were completed in early 2014. The company leased back the 20,500 m2 building owned by IRE which it currently uses as the headquarters for its 1,100 staff. The remaining building of 37,000 m2 is fully let to companies including financial services firm Nordea and bowling company Ballbreaker.

In connection with the sale, Skanska is taking control of the Snäckan 8 office block from Alecta for around SEK 650 mln. The 17,000 m2 office scheme is currently leased to KPMG.

'Entré Lindhagen raised strong interest in the market. The reason we chose to go exclusively with Alecta is that we got the opportunity to acquire an interesting project in one of Stockholm's most attractive locations,' commented Caroline Arehult, president of Skanska Property Stockholm.

'Through the swap, we have reduced project risk in our portfolio, while strengthening our presence in the western Kungsholmen district,' added Fredrik Palm, director of real estate in Sweden at Alecta.