GE Real Estate acquires properties in Sweden for €30 mln (SE)

GE Real Estate Nordic has acquired three mixed-use properties in Gothenburg and Karlstad for €30 million (SEK 274 mln) from Granitia Fastighets AB and Palmblad Fastighetsservice AB. The completion date for the transaction is 5 June 2007.

Two of the properties are located in Gothenburg and one in Karlstad. The buildings provide a total lettable space of 35,000 m², half of which is used as logistics warehouse space, with the remainder used as office and auxiliary retail.

Lennart Sten, Managing Director of GE Real Estate Nordic, commented on the acquisition, "The acquisition of these three properties further strengthens our property portfolio in Gothenburg and Sisjön and also enables us to establish a platform in Karlstad, which we believe is a market with high growth potential. We already have an asset management organization situated in Karlstad and are actively seeking further investments in the region. With this acquisition, GE Real Estate will own assets with a total value of SEK 1.9 billion in Gothenburg which remains a key market for us along with Stockholm. Alongside these asset acquisitions, our main focus during the first months of 2007 has been the development and expansion of a number of projects including the extension of our existing properties in Skövde, Eskilstuna, outside of Helsingborg and in Visby."

Source: FD

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