Mengus announces its first acquisition (SE)

The fund Mengus Stockholm AB - managed by the private equity-firm Mengus, specialising in property investments - acquires its first office building. The property, Solna Aprikosen 2, comprises approximately 33 100 m² of lettable area, and was purchased at approximately €93 million (SEK 795 million). The seller is Goldman Sachs property fund, Whitehall Street Funds.

The partly vacant property has the insurance company, Länsförsäkringar Stockholm, and the food retailer, Axfood, as the largest tenants.

"This investment suits us very well since our strategy is to acquire partly vacant properties in Stockholm with development potential", says Henric From, Managing Partner for Mengus, which was founded 2005.

The property was originally built as corporate headquarters for the insurance company Wasa and has a high standard with a modern and flexible lay-out.

"The quality of the technical installations is first class, but the exterior and the common areas would benefit from an upgrading. Within the next year, we will refine the property to new construction standards", says Henric From.

The acquisition is made through a company and the purchase price is based on a property value of €93 million (SEK 795 million) after deduction for deferred tax. The transfer of the property is anticipated to occur on June 16.

Source: Mengus

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