CBRE has been appointed to manage the sale of Europe's second tallest residential building, the iconic Turning Torso. The current owner, Sweden's largest housing cooperative HSB Malmö, plans to use the proceeds to provide 1,000 new rental properties in the area.
Turning Torso, Malmö.
The 2005 landmark building was designed by Santiago Calatrava. It is constructed in nine segments of five storey pentagons which twist as it rises. Each floor consists of an irregular pentagonal shape rotating around the vertical core, which is supported by an exterior steel framework.
The building's use is predominately residential, with approximately 20% allocated for office space. At 190 meters, the Turning Torso is the second highest residential building in Europe (its height exceeded only by the 264 m Triumph Palace in Moscow).
Daniel Andersson, Head of Capital Markets, CBRE Sweden, commented on the sale: "Turning Torso is probably the most iconic building in Northern Europe and we are very pleased to work with HSB on this sale. Buildings of high quality in good locations are very attractive and we believe in strong interest from both Swedish and International investors.
The high demand for residential property is illustrated in CBRE's recent Investor Intentions survey. The survey of 344 senior global property investors found that increasing numbers are now choosing residential property as their preferred investment, up 6% from 2011. The increase reflects improved performance in the sector over the last year.
The same research found that Nordic countries are a popular choice for global investors, ranking above Eurozone countries such as France, Italy and Spain.
Jonathan Hull, EMEA Head of Capital Markets, CBRE, commented: "There is increasing interest in the Northern European Markets underpinned by strong economic fundamentals. We expect strong interest from leading global capital sources as the Turning Torso will meet the criteria of many of the world's leading investors seeking to diversify from their own markets and invest in prime assets in secure markets."
Source: FTI Consulting