Vasakronan sells mixed-use asset in Stockholm

Sweden's largest property firm Vasakronan has sold the mixed-use asset Älgen 24 in central Stockholm for €50 mln.

The buyer of the fully let property is HEFAB Fastighets.

The 9,000 m2 building comprises a 3,500 m2 elderly care home, 3,000 m2 of housing and 2,500 m2 of office space. It is located in Östermalm, a prestigious residential area in the centre of the Swedish capital.

Johan Bernstrom, head of investment at Savills Sweden which advised the vendor, said demand is high for this type of fully let asset in an excellent location.

'The Swedish investment market has had a strong first half of 2013 with total investment turnover reaching SEK 46 bn (€5.3 bn) . Stockholm continues to dominate the market accounting for approximately 45% of total investment,' he added.

Wistrand, Grant Thornton and WSP Real Estate represented the buyer.