Skanska makes exchange transaction involving office project Entré Lindhagen in Stockholm, Sweden (SE)

Skanska sells remaining part of the office project Entré Lindhagen in Stockholm, Sweden, to Alecta for around SEK 1.7 bln (approx. € 184.8 mln). The transaction will be recorded in the Q3 of 2014 and transfer of the property was September 1, 2014. In connection to the divestment of Entré Lindhagen, Skanska also acquires the property Snäckan 8 from Alecta for about SEK 650 mln (approx € 70.7 mln).
The property Entré Lindhagen was acquired in 2008. The office is divided in two properties that were completed in the beginning of 2014. The part that is Skanska's headquarters was sold to Invesco Real Estate earlier this year. The other part, that is now sold to Alecta, has a leasable area of about 37,000 m² and is fully leased to Nordea, Skanska and BallBreaker. The property that Skanska acquires from Alecta, Snäckan 8, is located in the center of Stockholm and comprise about 17,000 m², fully leased to KPMG.
“We are very pleased with this trade with Alecta. There has been a lot of interest for Entré Lindhagen in the market. The reason we chose to go exclusively with Alecta was due to the possibility to acquire such an interesting property in one of the most attractive locations in Stockholm”, says Caroline Arehult, Managing Director, Skanska Fastigheter Stockholm. “With this trade we have significantly reduced the risk in our portfolio, and at the same time strengthened our presence in this part of Stockholm. The acquisition of the main part of Entré Lindhagen fits well in to our strategy to own modern offices in attractive locations in Stockholm”, says Fredrik Palm, Director, Properties Sweden, Alecta.
Source: Skanska