KPA Pension makes third-largest real estate purchase in Sweden
Swedish KPA Pension has paid SEK 4.3 billion ($443 million) for an office property in Stockholm, representing the third-largest real estate deal to date in the country.
The seller was Areim Fund II, managed by Areim, a Nordic real estate owner and fund manager.
The property, Brädstapeln 16, was built in 1974 to serve as the headquarters for the Insurance Group Trygg-Hansa, according to Areim. It is comprised of 39,000 square meters (419,792 square feet), 36,700 square meters (395,035 square feet) of which are lettable.
The property consists of an eight-story brick building in the west, three glass hexagon-shaped sections in the northeast, a two-story-high pavilion in the southeast, and the park between the pavilion and the glass building. There is also a car park connected to the property.
The building was BREEAM certified in January 2017.
The purchase brings KPA’s share of property in its capital portfolio to 9.2 percent, up from 7 percent.
The pension has SEK 200 billion ($20 billion) in assets under management.