The property arm of global insurer Allianz has purchased an office asset in Stockholm for €175 mln from AMF Fastigher.
The 30,000 m2 Gangaren 11 office complex, located in the West Kungsholmen district, marks the first equity acquisition for Allianz in the Swedish market for six years.
'We’re delighted to be able to expand our European core office proposition into the Swedish market. Stockholm has strong fundamentals and a very positive outlook, and we’re excited to be adding further to our Northern European portfolio,' said Annette Kröger, CEO North & Central Europe at Allianz Real Estate.
'This latest deal fully supports our long-term growth strategy of targeting quality office buildings in high-demand, prime city locations in Europe with a minimum 10-year investment term,' Kröger added.
In September 2016, Allianz Real Estate closed its first debt transaction in Sweden, providing a SEK 690 mln (€67 mln) loan for the refinancing of the Bergvik shopping center in Karlstad.
Gangaren 11, which was built in 2009, is fully let to one of Sweden’s largest financial services companies, Skandia.
Kungsholmen is one of Stockholm’s fastest-growing inner city districts, directly connected to Stockholm’s central business district and main station. The area is benefitting from a number of redevelopments and infrastructure projects.
Allianz was advised by Areim, Vinge, CMS, PwC, Drees & Sommer and EY.