Skanska's Commercial Development Nordic unit is selling the Hagaporten 3 office property in Solna, Stockholm to Norrporten for about SEK 1.1 bn (EUR 120 mln). The deal is scheduled for closing in the fourth quarter.

It is the second project acquired by Norrporten from Skanska. In February 2010, the Swedish property company also bought the Flat Iron Building office project in Stockholm for EUR 85 mln.

The acquisition comes hard on the heels of Norrporten's purchase last week of the Kalvebod Brygge office complex in central Copenhagen for DKK 175 mln (EUR 23 mln). The vendor is HSH Nordbank, which used the facility as its headquarters in Denmark. Earlier this year, Norrporten sold its entire portfolio in Linkoping, Sweden and other eight assets in the cities of Sundsvall and Luleå to local investor Fastighetsaktiebolaget Lilium for SEK 1.4 bn (EUR 154 mln).

Hagaporten 3 encompasses 28,000 m2 of office accommodation. Construction on the building commenced in the spring of 2006 and was completed in October 2008. The building is 97%-leased to major tenants including technology consultancy company ÅF, which contributed to its design.

'This transaction is a key step in our aim for long-term growth in the capital city,' said Jörgen Lundgren, executive vice president at Norrporten. 'The property consists of modern facilities with high flexibility. Furthermore, it has been built with high environmental ambitions and is housing a good tenant composition. These were the main factors in Norrporten’s decision to acquire the property.'

Headquartered in Sundsvall, Sweden, Norrporten focuses on commercial real estate in the Nordic region and has been listed on the Stockholm stock exchange since the mid-1990s. The company owns and manages 131 properties with a total floor area of 1.1 million m2 and with a value of SEK 20 bn (EUR 2.2 bn).