Allianz has purchased the 30,000 sqm Gangaren 11 office complex in Stockholm, located in the West Kungsholmen district, for approx. €175 million (SEK1.8 billion). The asset, the first equity acquisition for Allianz in the Swedish market for six years, has been acquired from AMF Fastigheter by Allianz Real Estate on behalf of Allianz group companies.
The acquisition expands Allianz Real Estate’s core office portfolio in Europe and also its exposure to the Swedish market. In September 2016, Allianz Real Estate closed its first debt transaction in Sweden, providing a SEK690 million 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.
“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.
“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,” said Annette Kröger, CEO North & Central Europe at Allianz Real Estate.
Allianz was advised by Areim, Vinge, CMS, PwC, Drees & Sommer and EY.