Global real estate investment manager Barings Real Estate has inked a deal to acquire an office property in central Stockholm for just over €100 mln from Swedish fund manager Mengus.
Härolden 44 in Stockholm, also known as Fleming 7, comprises a total lettable area of 10,000 m2.
'The acquisition of Fleming 7, which is our second investment in Sweden after an acquisition of a retail high street building in Malmö, was bought for one of our pan-European core strategies to strengthen Barings’ presence in the Nordics,' said Gunther Deutsch, head of real estate transactions Europe at Barings.
'We are continuously looking for logistics, office, residential and hotel opportunities in Sweden and Finland varying from core to value add on the risk spectrum.'
The fully let office property was built in 1965 and has been refurbished several times over the years, including a recent extension of the property with two additional office floors in 2017. The property has 12 tenants, including a parking garage, a restaurant, and a fitness centre. The property holds a BREEAM certificate with a rating of Very Good.
Barings was advised on the transaction by Catella Corporate Finance and on the legal side by REAL Advokat.
Cushman & Wakefield and Roschier acted as financial and legal adviser to Mengus.