Stockholm: Catella Real Estate AG is pleased to announce the sale of an office building in Stockholm’s central business district on behalf of the fund “Sarasin Sustainable Properties – European Cities”. The buyer of the property is DEAS Asset Management on behalf of Nordea Life & Pensions Sweden.
The office building, known as “Elefanten 17”, is located in one of Stockholm’s prime office locations, Herkulesgatan 28 / Vattugatan 17-19, in the western part of Stockholm’s central business district. It is located above the Klaratunneln, with easy access to major transportation hubs including E4 motorway through Klarastrandsleden and Essingeleden, and only 5 minutes’ walk from Stockholm’s central Train Station, making it very attractive for tenants who need to be centrally located and have a quick connection to Stockholm’s Arlanda Airport.
The property was built in 2002, has a total rental area of approximately 4,650 sqm and is fully let to six tenants. The transaction was structured as a share deal, selling 100% of the shares of “Stockholm Elef. 17 AB”.
Catella Real Estate AG was advised by Catella Corporate Finance Stockholm acting as sell-side brokerage advisor for the transaction, while Landahl Advokatbyrå adviced the seller on legal and Ernst & Young AB on tax matters. Grandab Management AB was responsible for the local asset management during the 10-year holding period. DEAS Asset Management was adviced by Setterwalls on legal, KPMG on financial and tax and WSP on technical and environmental due diligence for this acquisition.