Vasakronan in Sweden's largest single real estate asset deal

Vasakronan, a property company owned by the four Swedish government pension funds, has acquired the entire Blåmannen 20 city block known as 'Klara Zenit' in Stockholm, for SEK 4.35 bn (EUR 483 mln). The seller is HausInvest, a German open-ended property fund managed by Commerz Real.

Jones Lang LaSalle, which advised Vasakronan on the acquisition, said the deal is 'the largest single asset real estate investment ever completed in Sweden'.

Blåmannen 20, located in the heart of Stockholm's central business district, consists of three connected buildings, which were renovated and rebuilt between 2000-2003 to provide around 70,000 m² of high-quality office and high-street retail accommodation. Tenants include well-known brands such as Clas Ohlson, H&M and Oriflame.

'Blåmannen 20 is a prime core asset with a strong tenant mix of retail and office occupiers,' said Daniel Gorosch, head of capital markets and leasing at JLL in Sweden. 'JLL has managed the property since it was acquired by Commerz Real in 2003, and since then has been actively involved in several important lettings, including those recently in 2010 to Clas Ohlson and Intersport.'

The deal commenced in September 2010 and closed on December 21, 2010.