Swedish insurer buys Akzo Nobel’s Stockholm property

Swedish insurer Länsförsäkringar Liv has acquired Swedish conglomerate Akzo Nobel’s Stockholm offices for €30m.

Humlegården Fastigheter, the insurer’s real estate arm, will lease back much of the 17,000 square metre property to Akzo, its occupant for the past 25 years. It will let the remainder to other tenants.

Spokesman Thorsten Åsbjer said: “It’s a good deal. Akzo Nobel is well known, strong company on a long lease.”

The move follows Länsförsäkringar’s acquisition last month of a 1.9 krone (€0.2bn) commercial portfolio from US company the Blackstone Group. The acquired portfolio comprised five properties in Stockholm and one in Malmö. Åsbjer said the insurer, which invests exclusively in the capital, would likely sell the Malmö property.