Hamburg-based fund manager Union Investment is acquiring an office property in Sweden for SEK 555 mln (almost EUR 58 mln). The vendor is listed Swedish real estate company Fabege. The property at Päronet 8 in Solna Strand in the municipality of Stockholm comprises 21,600 m[sup]2[/sup] of office space.
Hamburg-based fund manager Union Investment is acquiring an office property in Sweden for SEK 555 mln (almost EUR 58 mln). The vendor is listed Swedish real estate company Fabege. The property at Päronet 8 in Solna Strand in the municipality of Stockholm comprises 21,600 m2 of office space.
Union Investment takes possession of the building next month.
Fabege said that the sale will generate an after-tax gain of SEK 50 mln, which will be booked as a profit during the second quarter of 2010.
'The sale is following Fabege's business model, the property is fully developed and is an attractive investment property with good tenant, and therefore a good investment for institutional investors,' said Fabege CEO Christian Hermelin.