MEAG has purchased the PLAZA 63 project in Stockholm for around €220 million from the development consortium Stockholm Klara led by Jarl Asset Management. The modern office building will offer around 25,000 m² of floor space and 125 underground parking spaces. Ownership is scheduled to transfer to MEAG upon completion of the building at the end of 2009.
PLAZA 63 in Stockholm.
Plaza 63 is the name of the office complex within the Stockholm Klara project, which is located at the center of Stockholm's CBD, close to the main railway station and the Stockholm World Trade Center. The Stockholm Klara also includes a new 418-bed hotel and a congress center for up to 3,000 people.
This office project in Stockholm is MEAG's first acquisition in Sweden. MEAG's Global Head of Real Estate Dr. Knut Riesmeier comments: "The critical success factor for a deal of this kind lies in finding an excellent property. This project fits in perfectly with our investment focus on commercial properties in prime locations in major European cities. Project developments are also part of this strategy, and round off our portfolio."
The vendor is a consortium that purchased the Stockholm Klara project from the city of Stockholm, comprising of Jarl Asset Management, Niam Fond III and Car Val Investors (CVI Global Value Fund).
MEAG was advised by Cushman & Wakefield during the transaction.