LaSalle Investment Management (‘LaSalle’) and Aviva Investors are pleased to announce the divestment of an office property in Sweden from their Pan-European open-ended fund.
The leasehold property Stora Katrineberg 16 in Stockholm, ‘Point Liljeholmen’, was sold to the Swedish listed property company Atrium Ljungberg for an underlying property value of SEK 1,100 million (€115.5m). The closing of the transaction is expected to take place in February 2015. Point Liljeholmen comprises approximately 40,000 sqm and is strategically located with a first-class waterfront location in the Liljeholmen business area in south-west Stockholm. The property is almost fully let and has a strong tenant mix anchored by well-known international companies such as Grontmij, Roche, Boehringer Ingelheim and VIA Egencia.
LaSalle together with local partner, Genesta, have undertaken a number of value accretive asset management activities including refurbishment to provide tenants with modern office premises and, most recently, a comprehensive upgrade of all entrance areas as part of a wider re-branding project for the office complex.
Ian Williamson, Head of Core Funds (Continental European) at LaSalle said: ‘The sale of Point Liljeholmen attracted very strong demand from investors and demonstrates the benefits of the Fund’s Core Plus strategy. Point Liljeholmen is a well-located asset and with an experienced team, we were able to add value through active asset management’.
Gil Bar, senior director, real estate at Aviva Investors, said: ‘We identified the potential of the property and today, the property is nearly fully occupied with a well-diversified tenant structure. The investment has provided a strong return on equity.’
The sellers were advised by Leimdörfer and Linklaters. The buyer was represented by Cederquist.