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Swedish listed property company Kungsleden has bought an office tower in the regional city of Västerås for SEK 465 mln (€50 mln).

The 81-metre, 25-storey building at Lorens 14, known as Skrapan, is almost fully leased to tenants incoluding First Hotel, KPMG and ICA, as well as the municipal government. The average remaining lease is 6.7 years.

The vendor is Cornerstone, through Nordic Retail Fund, with closing expected in early May.

Ylva Sarby Westman, head of transactions at Kungsleden, said: ‘The property is in a great location close to our current office properties, which improves our customer offering and allows us to take on an even more active role in the area.’

Last year Kungsleden refocused its portfolio to increase the proportion of office space to 50% at the expense of logistics, which fell to 35%. It also looked to concentrate its resources in Stockholm, Gothenburg and Malmö, which will account for at least half of its properties.

Kungsleden has also added to its management team in Västerås, where it is the largest property investor in the city.

Mats Eriksson has joined as regional manager, while Curt Grundman has been appointed leasing manager for the Mälar Valley region and Martina Leksell as property manager in Västerås.