CBRE GI, Union Investment buy office properties in Stockholm

International fund managers CBRE Global Investors and Union Investment have both bought office properties in Stockholm.

The former has acquired Tobaksmonopolet 2 from Aberdeen Asset Management.

The 17,500sqm building is let to H&M, Weekday, Swedish Match and NEPA.

Andreas Norberg, managing director and head of transactions for the Nordics at CBRE Global Investors, said the investment will provide exposure to a “unique property in a strong and stable office market” in the Södermalm district.

He said: “Södermalm is very attractive to office tenants, and we are very positive about the long term outlook for this location.”

Hamburg-based Union Investment has also acquired Uarda 7, an office building in the north of Stockholm.

The 17,400sqm asset was bought for the open-ended fund, UniInstitutional European Real Estate.

Christoph Schumacher, a member of the management team at Union Investment Institutional Property, said: “The acquisition of U7 means that investors in UniInstitutional European Real Estate can now also benefit from exposure to the strong Swedish property market via this modern office building.”

Swedish developer Fabege sold the property for around €121m.

Union Investment said it has around €400m of assets under management in Sweden.

Read more about Stockholm in the next edition of IPE Real Estate.

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