Swedish property company Jernhusen, represented by international real estate advisor Savills, has sold its land site under Stockholm's World Trade Center. The land, which has been acquired by World Trade Center leaseholder Alecta, was purchased for 59 million. Jernhusen will retain ownership of City Terminal, a part of the building, through a three-dimensional property regulation.
The transaction will enable Jernhusen to continue to develop and integrate City Terminal, Sweden's largest bus terminal, with Stockholm Central Station and thereby enable further modes of public transportation to gather in the same area.
Per Berggren, CEO Jernhusen, comments: "The transaction structure allows Jernhusen to take an overall view of the development of the Central Station area. It also enables Jernhusen to make future investments in the Central Station area and Western City, and contribute to the enhancement of public transportation and a better environment."
Ulf Nilsson, Head of Savills Corporate Finance, says: "I am very pleased to see this very complex transaction completed after a long period of negotiations. Both parties have been given full ownership of the parts of the building which they prefer to own and develop".