Swedish property company Wallenstam has purchased the 5th Hötorget skyscraper at Sergels Torg in Stockholm for SEK 2.8 bn (€246.1 mln) from AMF Fastigheter.
This marks Wallenstam's entry into the commercial real estate market in Stockholm's central business district (CBD).
The acquired property, Stigbygeln 5, is a 21-story building with a total leasable area of just over 16,000 m2. Wallenstam will take ownership in January 2025.
Wallenstam plans to renovate and modernize the property to create attractive spaces for offices, retail, and restaurants.
Hans Wallenstam, CEO of Wallenstam, said: ‘We have been waiting for the right property and the right opportunity to enter the commercial market in Stockholm. The acquisition of the scraper next to Sergels Torg will be a fantastic starting point for our new venture in the commercial segment in Stockholm's CBD. Our vision is to create a diamond out of Stockholm's perhaps most iconic office property. Apart from residential properties in both Stockholm and Gothenburg, we have commercial holdings mainly in Gothenburg's CBD.’
Thomas Erséus, CEO AMF Fastigheter, added: ‘The 5th Hötorget skyscraper is a historically significant symbol of Stockholm, and will play an important role in the future as well. Handing over to a skillful urban and site developer such as Wallenstam therefore feels completely right.’
AMF Fastigheter has owned the 5th Hötorgsskraporna building since 1995. This building, along with the other four Hötorgsskraporna buildings, is considered one of Sweden's most significant modernist architectural landmarks. Built in the 1960s, it was designed to be a hub for culture and social interaction, a vision that has been realized over the years.
This transaction is part of AMF's strategy to focus on larger-scale urban development projects and contribute to Stockholm's growth while ensuring a strong return for its investors.
