The “Hygge” lead story on real estate investment in the Nordic countries in the March 2017 issue reported that 2016 was a record year for transactions in the region. Commentators suggested then that there was little to prevent the high level of activity continuing into 2017, and so it is proving.

As before, deal activity has been concentrated in the four capital cities of Copenhagen, Helsinki, Oslo and Stockholm. Although residential was the dominant sector last year, the deals detailed below are from the two main commercial sectors, office and retail, that appear to be of greater interest to the international investors who see the Nordics as a safe haven.

CBRE Global Investors recently acquired the 17,500-square-metre Tobaksmonopolet 2 office property on Södermalm in Stockholm from Aberdeen Asset Management. The landmark building, dating from the 1920s and formerly the head office of the Swedish Tobacco Monopoly, is occupied by a range of international tenants in