LaSalle Investment Management has announced that it has sold Kungshuset, a prime office building in Stockholm, for SEK 1.13 billion (€123 million), on behalf of LaSalle Euro Growth Fund II.
Kungshuset in Stockholm.
An affiliate of GIC Real Estate, the property investment arm of the Government of Singapore Investment Corporation, has purchased the property which has a lettable area of 17,211 m², including offices, retail and a cinema.
Kungshuset is multi-tenanted with an average lease length of 6.5 years. LaSalle Euro Growth Fund II recently completed a full renovation of the upper floor office space, which it leased from 1 August 2007 to Norwegian bank DnB Nor for seven years.
LaSalle was advised on the sale by Jones Lang LaSalle and also worked with local asset manager Genesta Property Nordic AB, who had originally introduced the investment opportunity to LaSalle and managed the asset since acquisition in 2004.