NCC sells €100m Stockholm office project to Castellum

Construction group NCC has sold the K11 office project in Stockholm’s Järva Krog, Sweden, to Castellum for just over SEK 1 bn (€100 mln).

K11 encompasses just under 13,000 m2 of lettable floorspace, four-fifths of which has been let. Tenants include PUMA, 3M, Hewlett Packard Enterprise, Viatris and the Swedish Transport Administration. The building also contains two restaurants and a café.
K11 has been certified under the international BREEAM system as ‘Excellent’.

‘We are now selling K11, the first block of a total of three that we are developing in the Järva Krog neighbourhood. In addition to the office buildings, the city district will also include 500 housing units, retail and a preschool when completely developed,’ said Joachim Holmberg, Business Area manager, NCC Property Development.
Anders Nordvall, deputy CEO, Savills Sweden, which advised the vendor said: ‘Sweden has had a very strong H1 2021 for commercial real estate and the office sector continues to attract a range of international and domestic investors. K11 is a best in class development with excellent ESG credentials and exactly the kind of product that buyers are after at the moment.’


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