Swedish property company Jernhusen, represented by international real estate advisor Savills, has acquired the leasehold to Hotel Scandic Continental from Swedish life insurance company Folksam for approximately 50 million.
Hotel Scandic Continental has 12,000 m² (121,171 ft²) of lettable space.
The acquisition follows Jernhusen's recent 59 million sale of the land underneath Stockholm's World Trade Center in which it retained City Terminal. The hotel purchase will allow Jernhusen to further transform Central Station and the development of the Stockholm city district Western City. Hotel Scandic Continental will house the new joint entrance to the subway and the new main station connecting commuter train tunnel Citybanan with Stockholm Central Station.
Located opposite Stockholm's Central Station, Hotel Scandic Continental has 12,000 m² (121,171 ft²) of lettable space and a new zoning plan is in progress, which is expected to present further development opportunities.
Ulf Nilsson, Savills, comments: "We are very pleased to have contributed to this important acquisition. It further strengthens Jernhusen's position in the area and will allow the creation of a new landmark in Stockholm CBD."