Vasakronan sells Stockholm’s Algen 24 mixed-use asset for €50 million (SE)

Vasakronan, advised by Savills, has sold the fully let, mixed-use asset Älgen 24 in central Stockholm for approximately €50 million (SEK 435 million). The buyer is HEFAB Fastighets AB.

The 9,000 m² building includes a 3,500 m² elderly care home, 3,000 m² housing and 2,500 m² office space. It is located in Östermalm, the most prestigious residential area in the center of the Swedish capital.

Johan Bernstrom, head of investment at Savills Sweden, says: “We are currently seeing high demand for this type of asset, which is in an excellent location and fully let. The Swedish investment market has had a strong first half of 2013 with total investment turnover reaching SEK 46 billion (approx. €5,3 billion) in this period. Stockholm continues to dominate the market accounting for approximately 45% of total investment.”

Source: Savills

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