SWEDEN 鈥� 鈥淎 small number of reputable institutions鈥� are set to benefit as Carnegie Fastigheter seals a SEK1.2bn (鈧�128m) Swedish property deal.
Carnegie Fastigheter Sverige AB 鈥� set up last year by the investment bank of the same name - said it has bought five properties in Stockholm, Gothenburg and Malm枚 for a total of SEK1.2bn.
鈥淭he acquisitions have been completed in four separate transactions in the first quarter of 2006,鈥� it said. 鈥淭he portfolio consists primarily of modern office buildings but also contains residential, retail and light industry.
鈥淭he total area amounts to approximately 85,000 square meters. A landmark building is Kalleb盲ck 17:2 in Gothenburg with Ericsson as the main tenant.鈥� Based on the purchase price, yield exceeds seven per cent.
"It is satisfying that we now have a property portfolio with favourable yield and long contracts in the three largest markets in Sweden,鈥� said chief executive Staffan Olsson. 鈥淕iven the good current market liquidity we are looking into several projects that would add value to our portfolio.鈥�
Carnegie said the firm鈥檚 is owned by 鈥渁 small number of reputable institutions鈥� which it didn鈥檛 name. Carnegie is managing Carnegie Fastigheter and is responsible for the investment process, financing, acquisitions and divestments. Carnegie Investment Bank holds 1.4% of the shares.
