Union Investment has sold the Stockholm office building, Sthlm Hub, also known as Uggleborg 14, to Swedish property investor Vasakronan for approximately €62 mln.
The purchase price is higher than the most recent valuation though the seller did not provide guidance on when the most recent valuation was or at what value.
Vasakronan is owned by four of Sweden's national pension funds and already owns the neighbouring property.
Built in 1967 and extensively modernised in 2016, the building has been part of Union's gobal open-ended real estate fund UniImmo since 2017.
The office property is located in the heart of Stockholm's city centre, close to the central railway station. Union said the submarket was
Union said it one of the most sought-after office locations in the Swedish capital. Due to its central location, the property has excellent transport connections and is surrounded by numerous urban gastronomy, retail and service outlets. The property has a lettable area of approximately 5,900 m2 and is currently 86% let. The property has a BREEAM in-Use Excellent certification.
Union Investment was advised by JLL and Linklaters Stockholm.
