Hufvudstaden acquires a property in central Stockholm (SE)

Hufvudstaden has acquired the property Kåkenhusen 38, Norrlandsgatan 31 in Stockholm. The seller is Fabege and the transaction took place through a company transfer.

The underlying property value is SEK 477.5 million (approx. €51.5 million) and the assessed net operating income is SEK 23.5 million. The completion date is December 14, 2011.

The lettable floor space is approximately 6,700 square m²; 5,600 m² of office space and 1,100 m² of restaurant space. The property is fully let and the tenants are Finansinspektionen (The Swedish Financial Supervisory Authority) and the restaurant Pontus.

The acquisition of Kåkenhusen 38 is in line with Hufvudstaden's strategy of concentrating its holdings in central Stockholm and central Gothenburg and the property is a natural complement to Hufvudstaden's holdings on Kungsgatan.

Ivo Stopner, Hufvudstaden President, stated: "Kåkenhusen 38 fits very well into Hufvudstaden's property holdings, particularly in the light of the fact that we already own the surrounding properties on the block.

"The acquisition will result in positive synergies in terms of both revenue and costs and we have identified the potential the block presents for future development."

Source: Cision

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