16 February 2017
Stockholm
Reporter: Theo Andrew

Stockholm office sells for €121 million


Union Investment has acquired the Uarda 7 (U7) in Stockholm, for approximately €121 million, from Swedish developer Fabege. The office property, a 17,400-square metre space located in the office submarket of Arenastaden, in the north of the city, was bought on behalf of the open-ended fund UniInstitutional European Real Estate.

Completed in April 2016, the building has a Building Research Establishment Environmental Assessment Method rating of very good.

Tenants include Swedish state lottery company Svenka Spel, KPMG and French catering provider Sodexo, which also operates a restaurant on the ground floor.

The property is in easy reach of the country’s largest multifunctional event space and a regional railway station.

The Arenastaden area is set to be fully developed by 2022, featuring a mixture of office, retail and residential buildings.

Union Investments now holds over €400 million of real estate assets under management in Sweden. The UniInstitutional European Real Estate fund has 52 properties in 14 countries, worth a total of around €2.7 billion.

Christoph Schumacher, a member of the management team at Union Investment Institutional Property, said: “The acquisition of U7 means that investors in UniInstitutional European Real Estate can now also benefit from exposure to the strong Swedish property market via this modern office building,” He added: “The excellent prospects for the Arenastaden office submarket provide us with ideal conditions for this strategic step.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Macquarie-Canada joint venture to take over Land Services Group
18 August 2017 | Adelaide | Reporter: Katherine Brown
Land Services Group has been selected as the preferred bidder for the commercialisation of the South Australian Land Services Group
PERE deals slow in post-Brexit UK
18 August 2017 | London | Reporter: Jenna Lomax
The volume of private equity real estate (PERE) acquisitions in the last twelve months fell by a third following the Brexit referendum, according to intelligence provider Preqin
Aviva welcomes associate director duo
18 August 2017 | London | Reporter: Katherine Brown
Aviva Investors has hired Katie Brown and Chris Wilkinson as asset managers to its real estate team
Capital-rich South Korea lacks real estate supply
18 August 2017 | Seoul | Reporter: Mark Dugdale
South Korea is unable to support the weight of money that its investors have to spend, according to Callum Young of Savills
London pension fund strengthens board
17 August 2017 | London | Reporter: Theo Andrew
The London Pension Fund Authority (LPFA) has appointed Nigel Topping and Barbara Weber to its trustee board, effective immediately
Greystar appoints Jeff Manno to lead Growth Fund
17 August 2017 | Charleston | Reporter: Theo Andrew
Reporting to Chris MacNaughton, Greystar’s head of portfolio management platform, Manno will relocate from London to Charleston, South Carolina
LaSalle shoots for $1 billion Asian real estate fund
17 August 2017 | Chicago | Reporter: Theo Andrew
In its fifth and latest close, LAO V secured $335 million of commitments, meaning the fund is well in line to exceed its initial target of $750 million