Kungsleden AB (publ) has acquired four properties on Gärdet-Frihamnen and one in Hammarby Sjöstad, both Stockholm city districts, for €320 mln (SEK 3 bln) to create a new inner city cluster with a total leasable area totals 96,000 m2.
The Gärdet-Frihamnen properties include Rotterdam 1, Tegeludden 13, Stettin 5 and Stettin 6, while Godsvagnen 9 is located in Hammarby Sjöstad. Larger tenants include the Swedish Customs, the Swedish Fortifications Agency, Biz Apartment, Axfood and Procter & Gamble. The rent value amounts to for €21 mln (SEK 200 mln). The current occupancy rate is 92 per cent and the average remaining tenant agreement duration amounts to 4.4 years.
With the acquisition, Kungsleden establishes an additional cluster with a total leasable area of 88,500 sqm, which will complement the company’s current office and hotel offering in the Stockholm region. The properties on Gärdet-Frihamnen will be assumed on 1 December 2015 and the property in Hammarby Sjöstad will be assumed following completion of the construction, which is expected to take place in spring 2017.
“I am extremely proud and satisfied that we have managed to acquire a property cluster in one of Stockholm’s largest city development areas, and thereby strengthening our customer offering in central Stockholm. The acquisition means that we will exceed our expansion goal for 2017 as we reach SEK 27 billion in property value already this year, and more than 40 per cent of the total property value will be located in Stockholm”, said Biljana Pehrsson, CEO at Kungsleden.
Gärdet-Frihamnen is located in Stockholm’s new city district project Stockholm Royal Seaport. The new area will include 12,000 new homes, 35,000 new workplaces, a modern port and new infrastructure such as the City Tram and the road tunnel project Norra Länken.
Kungsleden have made a number of significant transactions in recent months including the €78.9 mln acquisition of Electra Building (Keflavik 1) in Kista Science City and four properties in the important growth regions Jönköping and Malmö for approx. €41 mln. Kungsleden’s interim report for Q3 is due to be published next week.
Source: Kungsleden
