GE Real Estate Nordic in joint venture with Fastighets AB Balder are acquiring the Årstaäng 4 property in Marievik, Stockholm, for SEK 455 mln. (approx. 46 mln.) from Skanska Fastigheter Stockholm AB. The transaction will close on November 1, 2007.
Årstaäng 4 comprises three buildings providing a lettable area of 34,000 m². The largest building was completely renovated in 2001. Current tenants include Lindorff and Telenor.
The buildings which are located close to the water in a growth area between Liljeholmen and Årsta in the Municipality of Stockholm, comprise ultra-modern offices and assets where GE Real Estate sees the potential to add value through active management. GE Real Estate will manage the building on behalf of the joint venture.
Lennart Sten, Managing Director of GE Real Estate Nordic commented: "We are extremely pleased to have secured today's acquisition together with Balder. Erik Selin, CEO of Fastighets AB Balder, is one of the most successful property contractors in recent years and we look forward to working with Balder on future opportunities. Today's acquisition will further strengthen our portfolio in Stockholm, which currently amounts to SEK 5.7 bln. (approx. 580 mln.)"
Source: GE Real Estate