Union Investment has acquired an office property in Stockholm's Arenastaden district from Fabege for SEK 1.184 mln (€120 mln).
The asset, located at Uarda 7, comprises around 17,400 m2 of office space and is currently 95% let. Tenants include Svenska Spel, KPMG, Sodexo, Nordea and Handelsbanken and the property has a Breeam very good certification.
'The property favourably matches the demand in the investor market, meaning that it is fully developed, fully let and has long-term tenant. The sale creates scope for additional value-generating investments,' commented Klaus Hansen Vikström, deputy CEO and director of business development of Fabege.
'I am delighted with this transaction, which is completely in line with our long-term strategy and am also gratified to be entrusted to continue managing the property and to take care of the relationship with the customers,' he added.
Fabege said that the sale would generate a gain of SEK 104m before tax and SEK 109m after tax, and that they would continue to manage the building.
