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.”

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