DNB sells Stockhom mixed-use scheme to pension fund for €280m

Norwegian insurer DNB Livforsikring has divested Vasahuset at Kortbyrån 19 and 20 in central Stockholm to local pension fund KPA Pension, part of the Folksam Group for SEK 3.0 bn (€280 mln).

The landmark office and hotel building provides 21,000 m2 of total gross lettable area of which 55% is for office use and 30% is hotel accommodation. The property houses Hotel Nordic Light, which is part of the Nordic Choice Hotels group while the largest office occupiers are Tink/VISA, Silver Rail, Kantar Sifo, Pandox and Stiftelsen Industrifonden, which account for 57% of the rental value.

The building was originally designed by the architect Lars-Erik Lallerstedt and was completed in 1960. During the late 90s, the property was remodeled inside.

‘The area has undergone significant development over the past 20 years and is now one of the most attractive areas in central Stockholm. This is reflected in Vasahuset's value development. We are very satisfied with the sale and are confident that Folksam will ensure good further management of Vasahuset,’ said CEO Gro Boge of DNB Næringseiendom.

Pangea Property Partners brokered the deal.


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